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Broker snap: Teathers cuts price target at Enterprise
Mon, 01 Dec, 2008
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Broker snap: Teathers cuts price target at Enterprise
Fri, 10 Oct 2008, 11:25:00
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Related Market Prices
Name
Value
Percent
Change
Enterprise Inns
62.00p
-6.77%
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The abandonment of plans to convert to a Real Estate Investment Trust (REIT) and its new strategy aimed at conserving cash has changed the picture at pub group <b>Enterprise Inn<b>, according to stockbroker Teathers.<br /><br />The broker has reduced its target price on the heavily indebted pubs owner to 122p, after removing the impact of conversion to a REIT from its valuation model.<br /><br />Teathers continues to advise clients to reduce their holdings in the group.<br /><br />The broker believes Enterprise should be able to repay £175m of its £3.8bn debt over the next two years but its assumptions are based on a "return to slow growth" in 2010, which is what would be expected "in an average consumer slowdown."<br /><br />"However, if this downturn is worse than average, the company will suffer from additional working capital and capital expenditure outflows," said Teathers analyst Kate Pettern. <br />
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