Up 130% over the last year.
Anyone else watching this one.

Morgan Stanley from below 3% to above 5%.

Hic!

Morgan Stanley above 9%.

Looking strong again here.

And again on an otherwise sh*te day.

Added to BULLISH TRENDING Charts On CHAR thread tonight.

Off too a positive start.

Interim Results.

Highlights

Ø EBITDA (pre-exceptional items) £168m (H1 2011: £179m)
Ø Like-for-like net income in substantive estate up 1.5% (H1 2011: down 1.5 %)
Ø Like-for-like net income in total estate down 1.6% (H1 2011: down 5.0%)
Ø £89m of disposal proceeds has contributed to a reduction in net debt to £2.9bn (H1 2011: £3.1 bn)
Ø Purchase and cancellation of £29m Unique A4 securitised bonds ahead of schedule; purchase and cancellation of additional £10m A4 and £2m A3 bonds since period end
Ø Appointment of Robert Walker as Chairman

Statutory results

Ø Profit before tax and exceptional items £64m (H1 2011: £74m)
Ø Profit before tax £64m (H1 2011: £61m)
Ø Adjusted earnings per share 9.6p (H1 2011: 10.8p)

Panmure Gordon Reiterates it's Buy TP 87p.

Numis Reiterates it's Buy TP 100p.

Peel Hunt Upgrades to Hold TP 70p.

Interim Management Statement

Highlights

· Continuation of improving trading trends, with like-for-like income per pub up 1.6% in the substantive estate.

· Like-for-like income in the total estate down by only 1.2% (down 5.1% in the same period last year and down 1.6% in the first half).

· Total proceeds from disposals of £148 million in the financial year to date.

· Bank borrowings net of cash reduced to £364 million (£446 million at 30 September 2011).

Enterprise Inns rises 7.7 percent, after the pubs operator posts higher income for the 18 weeks to Aug. 4.

"Given the improving trading trends and falling bank debt, we think the stock continues to offer significant upside potential," Panmure analysts write in a research note, keeping a "buy" rating on Enterprise Inns shares

Tempus is keener on Enterprise Inns, the pub company that has been struggling under a debt mountain. Some sensible disposals of non-performing pubs (as well as some very good ones) is beginning to get the financial house in order, while the Euro 2012 football and Diamond Jubilee both lifted the third quarter numbers. Tempus thinks Enterprise Inns has some way to go, buy.

Strong today on good volume.

And again today.

Enterprise Inns gained 4% today to hit a new 52-week high of 76.25p, although at the time of writing the price has dropped back a fraction to 75.5p. The shares have done remarkably well this year, having almost trebled from their January low point of 26.5p.

Although there is no resumption of dividends expected after they were canned in 2010, City forecasts put the shares on a P/E for the year to September of just 3.5. While August's interim update looked positive, the pub group still has very significant debts, but they are reducing.

From week ahead very bullish comment........

The same day will see preliminary results from Enterprise Inns (ETI).

Recent news: Like-for-like income in the total estate was down 1.2% for the 44 weeks to 4 August, implying a decline of just 0.6% in the last 18 weeks. Like-for-like income per pub in the substantive estate was up 1.6%, compared to 1.5% at the half-year. Year-to-date disposal proceeds stood at £148 million.

Analysts' expectations: Simon French, analyst at Panmure Gordon, is expecting trading in 2013 to remain "challenging", but believes the group should be able to stabilise like-for-like net income in the whole estate. He is predicting disposal proceeds of £150 million for 2013, with capital expenditure dropping to c. £50 million.

"Given the improving trading trends and falling bank debt - and the possibility of the reintroduction of dividends over the next 12 months - we think the stock continues to offer significant upside potential," states French, reiterating his 'buy' recommendation.

Valuation: The stock trades on a 2012 enterprise value (EV) to EBITDAR ratio of about nine times.

ETI ENTERPRISE INNS

Brokers with BUY recomendations on ETI

Date Company Name Broker Rec. Price Old target price New target price Notes

16 Nov Enterprise Inns PLC Morgan Stanley Equal weight 66.50 75.00 75.00 Reiterates
16 Nov Enterprise Inns PLC Numis Buy 66.50 110.00 110.00 Reiterates
16 Nov Enterprise Inns PLC Panmure Gordon Buy 66.50 87.00 87.00 Reiterates
15 Nov Enterprise Inns PLC Deutsche Bank Hold 66.50 105.00 105.00 Reiterates

ETI ENTERPRISE INNS

A forward P/E of just over 3
to 2013 Derd Cheap IMO.

Look at the NAV per share aswel.

Enterprise Inns PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Panmure Gordon
16-11-12 BUY 135.00 20.10 133.00 20.10
Numis Securities Ltd
14-11-12 BUY 136.70 20.40 135.30 20.50
Shore Capital
09-11-12 SELL 137.00 20.30 140.00 20.70
Peel Hunt
28-08-12 HOLD 136.92 20.37 132.58 19.99
Charles Stanley
25-05-12 BUY

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 136.83 20.37 133.97 20.33
1 Month Change -0.43 -0.05 -2.04 -0.09
3 Month Change -0.47 -0.06 -1.94 -0.09


GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS -5.24% 39.31% -0.17%
DPS % % %

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £248.00m £338.44m £327.28m
EBIT £234.00m £m £m
Dividend Yield % % %
Dividend Cover x x x
PER 4.50x 3.23x 3.23x
PEG -0.86f 0.08f -18.82f
Net Asset Value PS 199.22p 300.00p 321.00p

Final Results

Highlights

Ø EBITDA* before exceptional items £340m (2011: £366m)
Ø Improving performance trends across the whole estate, with like-for-like net income down 1.2% (2011: 4.3% down)
Ø Like-for-like net income growth of 2.2% where publicans have been in occupation for over one year
Ø £208m net proceeds from disposals and our sale and leaseback programme
Ø Strong cash generation has reduced net debt by £266m to £2.7bn (2011: £3.0bn)
Ø New forward start bank facility of £220m commencing on expiration of existing facilities has extended the availability of bank financing to 15 June 2016

Statutory results

Ø Profit before tax and exceptional items £137m (2011: £157m)

Ø Profit after tax £44m (2011: £24m)

Ø Adjusted earnings per share# 20.5p (2011: 23.4p)



* Earnings before interest, tax, depreciation and amortisation
# Excludes exceptional items