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    MAB   GB00B1FP6H53

MITCHELLS & BUTLERS PLC

(MAB)
  Report
Delayed London Stock Exchange  -  11:35 2022-12-02 am EST
144.20 GBX   +0.21%
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FTSE 100 falls as UK's surprise growth fails to ease recession fears

07/13/2022 | 04:37am EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

* UK economy posts surprise growth in May

* U.S. June inflation at 9.1% vs expectation of 8.8%

* J D Wetherspoon falls to March 2020 lows

* FTSE 100 down 0.7%, FTSE 250 off 0.8%

July 13 (Reuters) - UK's blue-chip FTSE 100 fell on Wednesday after hotter-than-expected U.S. inflation data slammed global markets, while a surprise growth in Britain's economy failed to assuage recession worries.

The FTSE 100, which houses several global companies that draw a large part of their revenue in dollars, dropped 0.7% as sterling edged higher.

Data showed Britain's economy grew unexpectedly in May, driven by a rise in doctor appointments and demand for holidays, that could reassure the Bank of England about its plans to keep on raising interest rates.

Meanwhile, hotter-than-expected U.S. inflation data fanned fears that the Federal Reserve might take a more aggressive stance on rate hikes, potentially tipping the world's largest economy into a recession.

"We can now expect a 50bps hike being delivered from the BoE next month and pressure to grow on the ECB (European Central Bank) to do the same," said Stuart Cole, head macro economist at Equiti Capital.

"It puts pressure on both to be more aggressive in their attempts to bring inflation back under control, with 25bps hikes now seen as inadequate. Neither explicitly target the exchange rate in their policy deliberations, but they will both be aware, and likely concerned, about the inflationary consequences of a weaker pound or euro."

The wider European markets fell sharply after U.S. inflation data and the euro dropped below parity against the dollar for the first time in almost two decades, as a hawkish Fed and growing concern about rising recession risks in the euro area continued to batter the currency.

The domestically focussed FTSE 250 index fell 0.8%, with pub operator J D Wetherspoon sliding 8.3% after it warned of losses this year due to higher labour and marketing costs.

Its shares dropped to their lowest price since March 2020, when coronavirus pandemic fears hammered markets. Peers Mitchells & Butlers and Marston's declined 5.6% and 3.2%, respectively.

"The difficulty now, for the entire pub sector, is that drinking and eating at home looks to be sticking around longer," said Matt Britzman, equity analyst at Hargreaves Lansdown.

"That trend is likely to continue as the cost-of-living crisis looks poised to accelerate the tightening of purse strings."

Asset manager Abrdn fell 5.0% after Barclays downgraded the stock to "underweight". (Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru; Editing by Arun Koyyur and Jonathan Oatis)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABRDN PLC 0.65% 201.7 Delayed Quote.-16.27%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.13% 0.6467 Delayed Quote.1.28%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.17% 0.6822 Delayed Quote.-6.20%
BRITISH POUND / EURO (GBP/EUR) -0.02% 1.16592 Delayed Quote.-2.14%
BRITISH POUND / US DOLLAR (GBP/USD) 0.04% 1.22991 Delayed Quote.-9.40%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.02% 0.705577 Delayed Quote.1.54%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.08% 0.7441 Delayed Quote.-5.91%
EURO / US DOLLAR (EUR/USD) 0.05% 1.05481 Delayed Quote.-7.41%
FTSE 100 -0.03% 7556.23 Delayed Quote.2.33%
FTSE MID 250 INDEX -0.24% 19363.28 Delayed Quote.-17.54%
HARGREAVES LANSDOWN PLC 2.25% 871.8 Delayed Quote.-35.66%
INDIAN RUPEE / EURO (INR/EUR) -0.15% 0.011646 Delayed Quote.-0.67%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012284 Delayed Quote.-8.26%
J D WETHERSPOON PLC 0.40% 447.6 Delayed Quote.-53.42%
MARSTON'S PLC 0.73% 38.9 Delayed Quote.-49.48%
MITCHELLS & BUTLERS PLC 0.21% 144.2 Delayed Quote.-43.67%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.17% 0.64154 Delayed Quote.-6.84%
US DOLLAR / EURO (USD/EUR) -0.05% 0.948038 Delayed Quote.8.00%
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Analyst Recommendations on MITCHELLS & BUTLERS PLC
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Financials
Sales 2022 2 188 M 2 680 M 2 680 M
Net income 2022 76,2 M 93,3 M 93,3 M
Net Debt 2022 1 662 M 2 036 M 2 036 M
P/E ratio 2022 11,5x
Yield 2022 -
Capitalization 858 M 1 050 M 1 050 M
EV / Sales 2022 1,15x
EV / Sales 2023 1,12x
Nbr of Employees 43 354
Free-Float 43,0%
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Technical analysis trends MITCHELLS & BUTLERS PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 144,20 GBX
Average target price 181,20 GBX
Spread / Average Target 25,7%
EPS Revisions
Managers and Directors
Phil Urban Chief Executive Officer & Executive Director
Tim C. Jones Chief Financial Officer & Executive Director
Robert Lewis Ivell Non-Executive Chairman
Dave Coplin Independent Non-Executive Director
Jane Moriarty Senior Independent Director
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