Mulling over last week’s interim results from Punch Taverns, Dominic O’Connell says in his Inside The City column that some investors might think the slump in industry share prices represents good value for money. But, he adds, it is a difficult argument to sustain.
It is difficult, says O’Connell, to recommend many leisure stocks. The only exceptions could be The Restaurant Group, a solid company with a bombed-out share price, and Whitbread.
At some stage private equity will make a bid for The Restaurant Group, while Whitbread, with the expansion of its Premier Inn chain, looks cheap with the shares at £11.90.
The Sunday Times 27/04/08 (Business) page 3.16
