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    RTN   GB00B0YG1K06

THE RESTAURANT GROUP PLC

(RTN)
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European shares hit five-week high on rebound optimism, stimulus hopes

10/12/2020 | 04:29am EDT

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* Utilities, technology, autos stocks lead gains

* FTSE 100 ends lower as Johnson sets out more restrictions

* Investors hopeful of more U.S. stimulus - strategists

* All eyes on EU summit later in the week

Oct 12 (Reuters) - European shares hit a five-week high on Monday as optimism about a stable economic recovery in China and hopes of more U.S. fiscal stimulus helped offset concerns around surging COVID-19 cases across the continent.

The pan-European STOXX 600 marked a third straight day of gains to end 0.7% higher, led by utilities, technology and autos stocks.

The Trump administration on Sunday called on the U.S. Congress to pass a stripped-down coronavirus relief bill after talks stalled on a more comprehensive stimulus deal.

"Investors have not lost faith that further stimulus measures will follow and that an effective COVID-19 vaccine will soon be placed on the market," said Milan Cutkovic, market analyst at Axi.

But a jump in domestic coronavirus cases has raised the spectre of fresh lockdowns and cast a shadow over a nascent economic rebound.

With Italy preparing for nationwide curbs, the European Central Bank's chief economist, Philip Lane, said the euro zone economy was entering a tougher phase. UK Prime Minister Boris Johnson also imposed a tiered system of further restrictions on parts of England, including closing some pubs.

British pub and restaurant owners Marston's Plc and Restaurant Group Plc fell 5.3% and 9.3%, respectively, while the blue-chip FTSE 100 lost 0.3%.

"Investors are walking on thin ice," Cutkovic said. "Further lockdowns would jeopardise the already fragile economic recovery and have lasting effects on consumer confidence."

Data on inflation, industrial production and business conditions is due later in the week. All eyes will also be on a European Union summit on Oct. 15 and 16, particularly with a UK-imposed deadline for a post-Brexit trade deal.

"It seems progress has been made and if this continues, I would expect talks to continue beyond that self-imposed UK deadline," said Deutsche Bank strategist Jim Reid.

The Italian bourse ended 0.6% higher, shrugging off a slide in bank stocks as Italian government bond yields fell near record lows on expectations of a new round of stimulus from the European Central Bank.

As the third-quarter corporate earnings season gets under way, analysts expect earnings at STOXX 600 firms to have declined 38% year-on-year in the quarter following a 50.8% slump in the prior quarter, according to Refinitiv data.

The European telecoms index surged to a three-week high, powered by a 6.8% jump for Dutch telecommunications company KPN following a report that Sweden-based private equity firm EQT was considering a takeover. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.33% 0.63479 Delayed Quote.0.41%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.13% 0.681352 Delayed Quote.5.44%
DEUTSCHE BANK AG -0.70% 10.84 Delayed Quote.21.98%
EURO / BRITISH POUND (EUR/GBP) -0.19% 0.85407 Delayed Quote.-4.24%
FTSE 100 -0.23% 7074.06 Delayed Quote.9.74%
MARSTON'S PLC -0.54% 92.8 Delayed Quote.23.41%
MSCI UNITED KINGDOM (STRD) 0.18% 1156.699 Real-time Quote.11.50%
ROYAL KPN N.V. -1.42% 2.629 Real-time Quote.7.24%
S&P UNITED KINGDOM (PDS) -0.20% 1409.13 Delayed Quote.10.25%
STOXX EUROPE 600 -0.73% 453.1 Delayed Quote.14.38%
STOXX EUROPE 600 NR -0.72% 1013.08 Delayed Quote.16.02%
THE RESTAURANT GROUP PLC -0.78% 128 Delayed Quote.100.93%
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Financials
Sales 2021 530 M 740 M 740 M
Net income 2021 -39,1 M -54,6 M -54,6 M
Net Debt 2021 224 M 313 M 313 M
P/E ratio 2021 -23,0x
Yield 2021 -
Capitalization 979 M 1 367 M 1 367 M
EV / Sales 2021 2,27x
EV / Sales 2022 1,46x
Nbr of Employees 14 000
Free-Float 99,7%
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Technical analysis trends THE RESTAURANT GROUP PLC
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 16
Last Close Price 1,28 GBX
Average target price 136,64 GBX
Spread / Average Target 10 575%
EPS Revisions
Managers and Directors
NameTitle
Andrew Hedley Hornby Chief Executive Officer & Director
Kirk Dyson Davis Chief Financial Officer & Director
Alison Deborah Moria Hewitt Independent Non-Executive Chairman
Graham Colin Clemett Senior Independent Non-Executive Director
Alison Digges Independent Non-Executive Director
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