A leading analyst has said that weak trading combined with the boardroom upheaval and concentrated share register means that shares in Mitchells & Butlers (M&B) are likely to trade at a discount to its peer group. In the build up to the announcement of the pub operator’s full year results on Tuesday, Simon French at Panmure Leisure forecast that the group’s pre-tax profit would stand at £155m and expects it to report broadly flat current trading. He retained his Hold recommendation for the group’s shares, but reduced the target price to 250p from 285p. He said: “On our forecasts, the group is trading on a CY 2011E P/E of 7.8x and an adj., EV/EBITDAR of 6.9x. Whilst not expensive, in our view, weak trading combined with the boardroom upheaval and a concentrated share register means that the stock is likely to trade at a discount to its peer group.”