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Broker snap: KBC opts for Young's over Fuller's
Tue, 06 Jan, 2009
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Broker snap: KBC opts for Young's over Fuller's
Fri, 21 Nov 2008, 12:34:00
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Related Market Prices
Name
Value
Percent
Change
Fuller Smith and Turner
360.00p
+2.86%
Young & Co's Brewery 'A'
450.00p
+2.27%
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Broker KBC Peel Hunt reckons London beer group <b>Fuller's</b> heavy presence in the City of London will hurt its profits, as was the case in the last stock market slump in 2002.<br /><br />Following this morning's interim results KBC has provisionally downgraded its full-year pre-tax profit estimate by 6% to £21.5m, while the earnings per share forecast has been trimmed to 27.4p.<br /><br />For fiscal 2010 the broker is forecasting flat results, with the benefit of lower capital expenditure offset by cost increases and like-for-like sales declines, which KBC estimates will be in the region of 5%.<br /><br />In comparing the company to its rival, Young & Co., KBC observes that Fuller's trading is more exposed to regional southern England and the City than Youngs. <br /><br />"While therefore Fuller's also represents quality in the pubco sector and has a strong balance sheet that would be the envy of others, we prefer Young's for choice," analyst Paul Hickman said.<br />
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