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Panmure Liberum reiterates 'buy' rating on pub group Young's
(Sharecast News) - Panmure Liberum reiterated its 'buy' rating on pub group Young's on Wednesday as it said that upgrade potential remains. Panmure noted that Young's interim report was consistent with its last trading update, delivering total sales growth of 5.4%.
"Combined with operating margin improvements and lower net debt, this drove a 9.9% improvement in PBT to £31.1m and an 8.5% rise in EPS to 34.95p," it said.
"Importantly, this marks a return to EPS growth following Covid-related and City Pub acquisition share dilution, with further accretion to come from the newly announced £10m share buyback."
Panmure said current LFL sales growth of 4.2% puts Young's ahead of its expectations. However, "we refrain from upgrading for now given tougher prior-year comparatives, persistent inflationary pressures, and caution ahead of the Budget".
"That said, upgrade potential remains, and we reiterate our buy recommendation."
Panmure Liberum has a 1,450p price target on the stock.
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