.

460p TODAY

Looks like the Brokers are liking this one and remember some of the older analysis is being updated I would suggest with a bullish bias...

Wetherspoon (J D) PLC

FORECASTS WIRE
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Investec Securities
01-05-09 HOLD 50.92 23.43 53.18 24.73

Oriel Securities [R]
01-05-09 BUY 65.00 31.90

Panmure Gordon
01-05-09 BUY 56.69 27.17 50.06 23.99

KBC Peel Hunt Ltd
29-04-09 BUY 54.04 27.33 58.27 28.46

Brewin Dolphin Investment Banking
24-04-09 ADD 60.80 29.50 61.10 29.50 #

Shore Capital
24-04-09 HOLD 56.80 27.40 61.40 29.60

Altium Securities
20-04-09 HOLD 51.90 24.40 53.30 25.00

Singer Capital Markets Ltd
20-04-09 FAIR 53.30 25.40 58.00 27.60 7.60

Seymour Pierce
16-04-09 HOLD 51.90 24.60 47.20 22.40

Numis Securities Ltd
03-04-09 ADD 53.20 25.60 58.40 27.20 12.00

Charles Stanley Securities
02-04-09 ADD

Evolution Securities Ltd
01-04-09 BUY 56.40 27.30 66.10 32.10

Blue Oar Securities
13-03-09 BUY 52.24 24.82 12.00 53.90 25.61 13.20

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 54.26 26.38 57.60 27.43 1.25
1 Month Change 2.79 2.12 1.35 1.50 -0.16
3 Month Change 4.03 2.64 3.49 1.90 -9.63


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -5.92% 1.47% 3.98%
DPS 74.65% % %

INVESTMENT RATIOS
2008 (A) 2009 (E) 2010 (E)

EBITDA 133.51m 130.86m 133.61m

EBIT 88.45m 82.00m 77.00m

Dividend Yield 2.90% % 0.29%

Dividend Cover 2.10x x 21.94x

PER 16.42x 16.19x 15.57x

PEG -2.77f 10.98f 3.91f

Net Asset Value PS 126.44p 144.76p 155.07p

Interim management statement.

Upbeat outlook at JD Wetherspoon
MoneyAM
Pub operator JD Wetherspoon said for the 13 weeks to 26th April 2009, like-for-like sales increased by 0.5% and total sales increased by 4.7%. In the year-to-date like-for-like sales increased by 1.4% and overall sales increased by 5.9%.

Wetherspoon said exact comparisons with last year are difficult as a result of a higher level of marketing activity a year ago. However, the recent Beer Festival, for example, featuring real ales from Britain and other countries, was the busiest ever with sales of over 3.2 million pints.

Sales of 2.99 meals are continuing at high levels and the recently introduced Sailor Jerry rum is now its third highest selling spirit.

Wetherspoon reported on 13th March 2009 that operating margins before exceptionals were 10% in the first half of the financial year and they have remained at this level in the 13 weeks to 26th April 2009. Marketing costs were lower in the period than last year, and we also benefited from greater labour productivity, helped by improved staff retention and generally strong cost controls.

The financial year so far has seen the opening of 28 new pubs. 38 new sites are now expected to open this financial year.

Borrowings at 26th April 2009 were approximately 30m lower than at the same point last year and 18m less than at the interim results.

Sales, profit and cash flow have been resilient, Wetherspoon said. The combination of improved costs, lower interest charges and reduced capital expenditure on new openings is anticipated to be beneficial for future prospects.

The group added, 'We are therefore slightly more positive regarding the Company's prospects for the current financial year.'




Story provided by Business Financial Newswire

Pre-Close Statement (JD Wetherspoon)





TIDMJDW

RNS Number : 6698V
Wetherspoon (JD) PLC
14 July 2009

?
FOR IMMEDIATE RELEASE
JD WETHERSPOON PLC


PRE-CLOSE STATEMENT


JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces its pre-close
statement prior to the end of the current financial year on 26th July 2009.


Current Trading
For the 11 weeks to 12th July 2009, like-for-like sales decreased by 0.8%. Total
Company sales over the same period increased by 3.1%. Sales in the first 6 weeks
of the fourth quarter last financial year benefited from a major marketing
campaign offering reductions in prices for bar and food products. Like-for-like
sales in the equivalent 6 week period this year decreased by 2.9%. In the
remaining 5 weeks, like-for-like sales increased by 2.0%.
In the financial year-to-date (50 weeks to 12th July 2009), like-for-like sales
increased by 1.2% and overall Company sales increased by 5.2%. This is an
encouraging sales performance, both from our existing pubs and new openings.
Costs were lower than anticipated in a number of areas, including energy, labour
and marketing. As a consequence we anticipate reporting operating margins
(before exceptionals) for the second half of this financial year of at least
10.0%, higher than our earlier expectations.


Property


The financial year so far has seen 33 openings and 2 disposals, with a further 6
openings expected by the year end. As previously announced, pubs opened this
year have been at substantially lower costs than in recent years.


Financial position
Free cashflow in the year-to-date has been strong, enabling us to open 39 new
pubs and pay a dividend of GBP10M, while reducing debt by approximately GBP40M.
As a result, the ratio of our financial year end net debt to EBITDA is now
expected to be less than 3 times. As we have previously stated, we intend to
repay our US$ Private Placement when it falls due in September 2009.
Outlook
In the light of our sales and margin performance, we are confident about the
outlook for the current financial year.
As a result of the performance of our pubs, and the full year effect of pubs
opened this year, combined with lower costs in areas such as utilities, the
board is optimistic about prospects for the next financial year.

Hoping for a move back to 5-5.20 level.

NOW 480p

now 490p. 500p on its way.

And there's a fiver.

OVER 510p. beer increases on the way NEXT thursday.

This share price defies gravity. Got to be a short from here back down to c400p!

520p next.

Year End Results to 26 July 2009 (JD Wetherspoon)

Def a short for me now. Not bad results but no reason for the share price to significanly appreciate based on these figures and potential for further downturn in the economy still there.

Could easily get back down to 4.30 level

Long article in this week's Shares Mag.
The gist of which rates JDW as a buy with a price target of 585p (Panmure G) but Dan Coatsworth reckons that is conservative.
Be careful with your short!

Interim management statement.

Just gone long @440

Closed half @452.5 +12.5

Skinny

Have you seen LMR trading statement? I'm short and targetting below 4. Based on Christmas on a weekend (poor comparatives) and the current economic climate.

Cheers

ultimate - will have a look. Re JDW, as I posted on Wednesday's trader's thread, I closed the rest @460 - which on the day looked to be too low!