Enterprise Inns continued its share buyback programme yesterday, purchasing £2.486m of shares.
The tenanted and leased group, which owns nearly 7,700 pubs, bought 250,000 shares at an average price of 994.70p.
The highest price paid was 998.50 pence per share and the lowest price paid was 992 pence per share.
Deutsche Bank this morning predicted that the group’s share buyback programme would total £1bn by the end of 2007, expanding to 27% of the group’s equity.
The investment back maintained its ‘buy’ recommendation on the group, which it forecast was on track to hand back £4bn to shareholders over the next 10 years.
Deutsche Bank also raised its target price for the company to 1200p, from 1060p. Enterprise closed trading yesterday at 994p.
At its results announcement in May Enterprise said a new debt facility had provided £600m of funds for acquisitions and share buybacks.
