Analysts at Altium Securities say shares in Greene King have underperformed the market by 17.6% in the last week – and as result suggest now is the time to buy them. In a note about the pub and brewery owner, Altium say that: “Despite the challenges the group faces we believe that these are now more than contained within the current rating.” The notes states that 100% of Greene King's debt is at fixed rates with a blended rate of 6%. It adds that the fixed charge cover is 2.6x. Greene King is forecast to generate £117.90m of free cashflow in FY2009E, so Altium adds: “There is no refinancing risk here and no major repayments are due until 2012.” The paper also states: “Any weakness that ensues should be used to buy in our view; Greene King has high quality assets, a secure balance sheet and impressive cash generation. “We believe it has medium term attractions and take particular encouragement from the performance of Belhaven in year 3 of the Scottish smoking ban.”