Anyone holding this share, any comment? It recommended by few brokers.

conducted (private) walking tours of lisbon are also very much worthwhile

shame tomar is so far (2 hours drive) from cascais ..... makes it a bit of a fag to go there and back for the day

Thanks for the info guys. Looks like low pressure moving in for the next five days, so doesn't really matter north or south. Suspect south will be the preferred option. Currently at Pedrogao. No complaints really as it's 26 deg at noon most days!

Harry - enjoy!

Thanks skinny. Sadly we have a storm approaching from the south west, so not sure which direction to go now!!!

UBS note today:
"Short term uncertainty overrides long-term opportunity
Restaurant Group’s profit warning on 29th April highlighted a deteriorating LFL trend, with -2.7% LFL for the 17 weeks to 24 April indicating a LFL decline of -4.4% for the last 7 weeks. Management appear yet to have a clear explanation for the weakness, let alone a solution. As a result, we are cautious on the near term potential for a LFL turnaround. Whilst there is some valuation support at these levels, we downgrade from Buy to Neutral to reflect the lack of visibility, pending details of the strategic review.
LFL weakness a combination of factors, but clarity on problem is limited The sharp decline in group LFL growth looks to be a combination of; (1) tougher consumer backdrop; (2) increased competition driven by strong supply growth; (3) brand positioning. In particular, there are clearly questions around the brand positioning of F&B, and how effectively it can compete against newer formats. The LFL run-rate implies F&B could be seeing near double-digit LFL declines if you assume other brands are flat, and Pubs & concessions are growing by +2%.
Reduce forecast for LFL growth and new site openings: The group have launched a strategic review of the business, however, we don’t expect any detail until August, and see limited scope for solutions that will meaningfully change the underlying trends in 2016. As a result, we now forecast LFL growth for 2016 of -4.0% vs. management guidance of -2% to -5%, and 2016 PBT of £74.9m vs. guidance of £74-80m. In addition, we forecast new openings of 30 this year to reflect more caution in choice of new sites as part of the strategic review. However, we note that the group remains cash generative despite our forecast margin decline, which implies a 2016E FCF yield of 6.4%, and a c.13% yield excluding expansionary capex.
Valuation: Price target of 305p based on relative multiple valuation We change our valuation methodology from DCF to relative multiples to reflect the uncertainty surrounding the strategy of the group, pending the ongoing review. We value RTN on 10.5x 2016E P/E, in line with the pubs sector (range 6.9x – 14.3x, average 10.5x). Our DCF valuation remains higher at 430p reflecting the potential long-term opportunity, but does not incorporate the heightened execution risk given the ongoing strategic review."

Berenberg today reaffirms its hold investment rating on Restaurant Group (The) PLC (LON:RTN) and cut its price target to 300p (from 550p).

on the bubble again on reasonable volume

it's been rather a good buy for a change .... bought a modest number just 5 days ago at 339

RTN
longish article in today's ST, indicating that t/o may be on the cards, even if not tomorrow

tomorrow may well see a surge unless the markets are badly unsettled by the report of "out" having a 3 point lead - all the referendum polls lie i reckon, the motive being to scare people into (a) voting at all and (b) for remaining

RTN + CINE
if CINE is reckoned to be good defensively in these difficult times, then it may be worth revisiting RTN (sp bouncing on 50 dma) many of whose sites are alongside

RTN has been justifiably whacked in recent weeks, but there is the additional thought that some predator may take them out - not a reason to buy in itself

============

just bought a few for my sipp at 321
may need to tuck away for a while,but looked a reasonable risk/reward

RTN
big rise (+13% = 50p = 427) with similar volume
already 5m traded against norm of 2m for the day

CEO has been booted and also not impossible that a bid is being lined for them as was suggested some time back following the lousy results

Well done here cynic.

Well done :-))

thanks chaps :-)
as always, one regrets not having more, but we all know about the greed syndrome

You did say as well :-))

Cineworld thread

cynic - 11 Jul 2016 20:11 - 384 of 393

worth looking at RTN in conjunction with this

12 Aug Canaccord... 550.00 Buy
12 Aug Panmure Gordon 335.00 Hold
12 Aug Peel Hunt 380.00 Hold

another interesting article in today's ST

dividend likely to be cut by about 12%, reflecting crummy trading results (due this coming friday)
however, there remainns a strong possibility of a takeover

it'll be interesting to see which way the shares move in the coming days

StockMarketWire.com
Restaurant Group said its trading is in line and maintained its guidance for the FY as it swung to an H1 loss.

Pretax loss for the six-month period was £22.5m, from a profit of £36.9m. Revenue was £358.67m, from £333.78m.

"This has been a challenging trading period for our Leisure brands, albeit with a good performance from our pubs and concessions businesses," said chair Debbie Hewitt in a statement.

"The Board has moved quickly to undertake a review of the operating strategy and we now have clarity on the issues facing our Leisure brands, particularly Frankie & Benny's.

"The brand remains relevant and popular and we are confident that improved performance will be achieved by being more customer-focussed and data-driven, and through better operational execution.

"a new executive team is in place to lead the implementation of this first phase of the review and to apply the learnings to our other brands.

"The Company is profitable, highly cash generative and has a strong balance sheet, and given our confidence in the current trading forecast, we are declaring an interim dividend of 6.8 pence per share, unchanged from last year."

HIGHLIGHTS:
- Challenging trading period across Leisure brands; good performance from Pubs and Concessions

- Total revenue up 3.4%* to £358.7m with like-for-like sales down 3.9%

- Operating profit down 4.4%* to £37.5m

- Strong free cash flow of £35.8m

- 33 underperforming sites identified for closure/sale

- Exceptional charge of £59.1m reflecting prospective site closures and 29 site asset value impairments

- EPS down 3.0% to 14.3p on a trading basis and down to -11.2p on a statutory basis

- Interim dividend maintained at 6.8p per share, reflecting confidence in our current trading forecast

- First phase of operating strategy review completed

- Appointment of new Executive team; strengthening of Board with appointment of two new NEDs.

The Restaurant Group, the owner of the Frankie & Benny's and Chiquito chains, will sell or close 33 outlets.
Restaurant Group, which runs 500 theme restaurants, said it had been a "challenging trading period".
It said its Frankie & Benny's chain had "suffered due to insufficient focus on value, unsuccessful menu development and poor operational execution".
Those outlets had lost customers after "significant price increases and the removal of popular value offers".

StockMarketWire.com
The Restaurant Group sees its FY results in line with previous guidance, but adds that, while total turnover in the 53 weeks to Jan. 1 was up 3.7% to £710.7m, like-for-like sales fell 3.9%. It sees a difficult H1 2017.

"Recent trading continues to be challenging, with 2016 quarter four like-for-like sales down 5.9%, driven by underperformance across our Leisure brands," the company said.

"We expect the trading performance of the business in the first half of 2017 to remain difficult, but anticipate momentum improving towards the end of this transitional year as our initiatives start to take effect."

The group added that during 2017 it would also face well-documented external cost pressures from the increases in the National Living Wage, the National Minimum Wage, the Apprenticeship Levy, the revaluation of business rates, higher energy taxes and increased purchasing costs due to the combined effects of a devalued pound, and commodity inflation.

The group closed 37 sites and opened 24 during the 53-week period that ended 1st Jan.

As presented at the time of its interims, The Restaurant Group had started price and menu trials across Frankie & Benny's, which confirmed that substantial price and proposition changes were required.

"Our strategic review of our other Leisure brands has revealed a need for similarly significant change. We are at the beginning of a transformation programme."