Paul Hickman at Peel Hunt looks ahead to the interim management statement from Enterprise Inns, the tenanted and leased pub operator, on Thursday 9 August. Issuing a Hold recommendation at a 70p Target Price, Hickman said: “We expect LFL profit in the substantive estate to continue marginally positive for the last 18 weeks after +1.5% in H1. Poor weather will have been counteracted by Euro 2012 interest, the additional Jubilee bank holiday, and the beginning of the Olympics. We do not expect to change our forecast. “We would expect total disposals to be c£170m after £89m in H1, on course for our forecast of £208m for the year. That will be consistent with the new bank FSF of £220m effective 31 December 2012. “Although sizeable longer-term debt hurdles remain, consistent delivery of the debt reduction plan combined with stable trading will tend to reinforce the 291p NAV as an element in the valuation as opposed to EV:EBITDA (9.0x at our TP).”