GNK.L - Greene King plc

LSE - LSE Delayed price. Currency in GBp
848.00
+0.40 (+0.05%)
At close: 4:35PM BST
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Previous close847.60
Open847.00
Bid844.00 x 0
Ask0.00 x 0
Day's range847.00 - 848.80
52-week range467.70 - 865.80
Volume1,830,598
Avg. volume3,118,624
Market cap2.629B
Beta (3Y monthly)0.42
PE ratio (TTM)21.91
EPS (TTM)38.70
Earnings date28 Nov 2019
Forward dividend & yield0.33 (3.92%)
Ex-dividend date2019-08-08
1y target est607.00
  • PR Newswire

    HBK Investments LP - Form 8.3 - Greene King PLC

    FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1.         KEY INFORMATION ...

  • Reuters - UK Focus

    UPDATE 3-Pink gin with strawberries: Wetherspoon patrons defy Brexit gloom

    J D Wetherspoon's eurosceptic boss said customers were unfazed by political wrangling over Brexit after the pub group reported a rise in full-year sales and profit thanks to demand for products from pink gin and coffee to breakfast and beer. Britain's Wetherspoon, like most pub and restaurant chains, has been battling increased costs due to a minimum wage hike, higher property prices and power bills. It has also been investing in its more labour-intensive food and coffee business.

  • Reuters - UK Focus

    RPT-Foreign trophy hunters scent bargains in Britain as pound weakens

    Private equity and foreign investors, including Hong Kong's richest man, have swooped on pub operators, brewers and some of Britain's most popular tourist attractions, as the pound has slipped. Hong Kong Exchanges and Clearing's $39 billion approach for the London Stock Exchange on Wednesday is the latest in a flurry of dealmaking, although acquirers have mainly targeted small- and mid-cap companies that make most of their revenue in sectors that have been hammered by Brexit.

  • Reuters

    Greene King sales improve ahead of proposed takeover

    Last month, the brewer of Old Speckled Hen and Abbot Ale agreed to the bid from Hong Kong-listed CK Asset , which said it was seeking to increase its UK presence even as Brexit concerns loom large. The proposed takeover comes at a time when Greene King's rivals JD Wetherspoon , Mitchells & Butlers and Marston's are struggling with a rise in minimum wage and higher costs. Greene King's investors are yet to vote on the takeover bid.

  • M&S's Relegation Isn't Such a Bad Look, Really
    Bloomberg

    M&S's Relegation Isn't Such a Bad Look, Really

    (Bloomberg Opinion) -- Marks & Spencer Group Plc showed off its key looks for the autumn winter season this week. It is aiming to woo shoppers with 1970s-inspired prints, jewel toned blouses and tailored coats. But the high street stalwart has gone out of fashion with investors. Its shares are set to fall out of the FTSE 100 index for the first time in 35 years.As a bellwether for the British retail industry, M&S’s demotion underlines the dire condition of the U.K.’s store groups. But for the seller of Percy Pig sweets to cashmere sweaters, it isn't the disaster it might first appear to be.Its shares have fallen 33% over the past year, and at about 190 pence are close to their level at the depths of the financial crisis.Any further decline in the M&S share price precipitated by the relegation would be unwelcome to its army of individual investors, which own about 20% of the stock.But a fall out of the FTSE 100 would get the demotion over with. Talk of M&S’s demise wouldn’t keep coming round every quarter that M&S was on the cusp. That would at least give Chairman Archie Norman and his team a break from one pressure.And they have plenty of others to contend with. The clothing market remains extremely difficult. Analysts at Goldman Sachs expect a 3% decline in same-store U.K. clothing and home furnishing sales in M&S’s fiscal first half. Like-for-like food sales, they forecast, will be flat.Meanwhile, M&S must make a go of its joint venture with Ocado Plc, after buying half of the online retailer’s U.K. division for up to 750 million pounds ($916 million). Norman wants to double M&S’s food sales over the next five years or so to about 12 billion pounds – but he has to convince customers to switch from Ocado products currently supplied by Waitrose to alternatives from M&S.If the share price is hit further by the demotion from the FTSE 100, then it could finally force the company to consider splitting up its food and clothing operations. With profits from both divisions under pressure, and undemanding retail multiples, there’s little value to be gained from a break-up right now. But if Norman can make a go of the Ocado deal, this should elevate the worth of the food business, making a split more compelling.The other possibility is that a predator emerges. Bids for Greene King Plc in the U.K. and Metro AG in Germany show that appetite is there for consumer groups. While M&S’s old adversary Philip Green isn’t in a position to pounce, private equity might, particularly if it backed Norman and Justin King – handily, the former Sainsbury boss is a non-executive at the retailer. The group might just also appeal to Amazon.com Inc. But any bidder would have to get comfortable with the risks of both Brexit and M&S’s 9.3 billion pounds of pension liabilities. While the program had a 900 million-pound surplus at March 30, any change of control could see the trustees push a new new owner to inject more funds – possibly as much as 1 billion pounds.That leaves Norman with grinding out the promised turnaround. He will be hoping M&S’s spell in the FTSE 250 index will be a fleeting trend, rather than a wardrobe staple.\--With assistance from Elaine He.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • British Pubs Aren't the Only Brexit Bargain
    Bloomberg

    British Pubs Aren't the Only Brexit Bargain

    (Bloomberg Opinion) -- The 2.7 billion pound ($3.3 billion) offer for the British pub chain Greene King Plc from an investment group backed by billionaire Li Ka-Shing has put the spotlight on other unloved businesses in the U.K. leisure sector.One stands out: Whitbread Plc. Since the hotel and restaurant operator returned 2.5 billion pounds to shareholders from the 3.9 billion pound sale of its Costa coffee stores, its stock has been in the doldrums. But it owns lots of property, which is just the thing that drew Li to Greene King. Some 65% of Whitbread’s estate is freehold, and international buyers might be attracted by the prospect of using the dirt-cheap pound to grab themselves some British property assets.The central business isn’t without its attractions either. Hotels suffer more than pubs during recessions; while Brits will always eat and drink, they may be less inclined to take a mini-break. Yet Whitbread is the country’s leading hotel chain, with a focus on the value sector, so it should be able to weather a downturn. While bookings fell during the last downswing, it outperformed its rivals thanks to cost controls and winning more custom among cost-conscious holidaymakers and business travelers trading down to cheaper digs. Premier Inn, Whitbread’s main budget hotel brand, has long been seen as a potential target for a bigger chain.With the value of Whitbread’s debt and equity not much higher than the value of its real estate portfolio, there’s certainly cause for interest.Of course, the company could try to better exploit the value of that property itself. Earlier this year the Sunday Telegraph reported that the activist hedge fund Elliott Management Corp., which owns a stake in Whitbread, was agitating for change on the property holdings.Greg Johnson, an analyst at Shore Capital, estimates that 3.7 billion pounds might be realized from selling the real estate, while Whitbread estimates the value of its property at between 4.9 billion pounds and 5.8 billion pounds.On Shore’s estimates, the operating company could be worth another 3.6 billion pounds. Adding in 300 million pounds for Whitbread’s German business, and assuming net debt of 500 million pounds, would take the equity value to about 7.1 billion pounds. That’s well above the current market capitalization of 5.7 billion pounds. No wonder Elliott is sharpening its knives.Superficially there’s appeal in Whitbread doing this by itself. But sale-and-leaseback deals (when companies sell off freehold sites and rent them back) are risky. Look at the retail sector, where chains such as Debenhams Plc were tied to ruinous long-term leases after following this path, hampering their financial flexibility when times got bad – as they do inevitably in consumer businesses.With the current political and economic uncertainty, Whitbread would be wise to resist any big moves to sell off its property. Activist investors were right to urge it to offload Costa to capitalize on piping hot valuations in the coffee market. Their case on real estate is less compelling.The dilemma for Whitbread’s chief executive Alison Brittain is that by leaving the freehold estate largely intact, she encourages a buyer to come in and exploit that value instead. That risk is heightened by a slump in the share price. Brittain should prepare the defenses. Shareholders should take some heart, however. She managed to wring a very good price from the Coca-Cola Company for Costa. If a property-hungry bidder came knocking for Premier Inn she might just do the same.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Is the Greene King share price a buy after soaring 50%?
    Fool.co.uk

    Is the Greene King share price a buy after soaring 50%?

    Greene King plc (LON:GNK) may be celebrating its takeover, but I think there are better prospects in the drinks market like fund favourite Diageo plc (LON:DGE).

  • Reuters - UK Focus

    LIVE MARKETS-Big equity rally from here if history repeats

    * European stocks flat * FTSE buoyed by sterling weakness, AstraZeneca * BHP slides 1.8%, Pandora jumps 10% after results * Elanco Animal Health to buy Bayer's animal health unit for $7.6 bln * Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. It's only done that twice before - in mid-2012 and mid-2016 - and in both instances the German and French blue chips staged a massive rally ( 30% on average) the year after, boosting the European benchmark STOXX 600 index.

  • Reuters - UK Focus

    LIVE MARKETS-Watch out for 2020 earnings downgrades

    * European stocks up 0.2% * FTSE buoyed by sterling weakness, AstraZeneca * BHP slides 0.9%, Pandora jumps 8% after results * Elanco Animal Health to buy Bayer's animal health unit for $7.6 bln * Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: josephine.mason.thomsonreuters.com@reuters.net WATCH OUT FOR 2020 EARNINGS DOWNGRADES (0955 GMT) With the second-quarter earnings nearly over and confirming an earnings contraction for the second straight quarter, consensus of a 10% growth in 2020 seems to be ambitious. UBS equity strategists recently reduced their 2020 earnings growth expectations sharply below consensus to -2% in a top-down model, basing it on their reduced GDP estimates.

  • What to Watch: Nuclear business sold for £250m, Persimmon profits fall, and crypto company inks energy deal
    Yahoo Finance UK

    What to Watch: Nuclear business sold for £250m, Persimmon profits fall, and crypto company inks energy deal

    A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.

  • PR Newswire

    Norges Bank - Form 8.3 - Greene King PLC

    FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1.         KEY INFORMATION ...

  • Why FTSE 250 dividend stock Greene King rocketed 51% yesterday
    Fool.co.uk

    Why FTSE 250 dividend stock Greene King rocketed 51% yesterday

    Holders of stock in pub retailer and brewer Greene King plc (LON:GNK) have had a superb start to the week. Here's why.

  • Reuters - UK Focus

    MORNING BID EUROPE-Markets go back and forth

    Stock markets are seesawing-- Wall Street enjoyed a third day of gains following the government’s decision to delay restrictions on Huawei for another 90 days. China’s new lending rate for companies came into effect, set six basis points below the previous rate. The Bundesbank warned yesterday of another German quarterly contraction, political risks continue in Italy, Britain and Hong Kong, and Federal Reserve Chairman Jerome Powell my use his Jackson Hole airing on Friday to dash hopes U.S. interest rates will be cut by 50 or 75 basis points by the end of the year.

  • Reuters - UK Focus

    LIVE MARKETS-On our radar: beers, watches and supermarkets

    Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. The mood across riskier assets like equities improved markedly in recent days amid hopes of stimulus in Germany and China which have soothed worries about a global economic slowdown that rattled markets last week. In corporate news, dealmaking is brewing in the UK pub industry, with Hong Kong's richest man snapping up Greene King, the latest sign that the cheap sterling is attracting foreign suitors even as Brexit turmoil deepens.

  • Sky News

    Greene King to be sold in £4.6bn takeover deal with Hong Kong real estate giant

    Britain's largest pub and brewery company Greene King has agreed to a £4.6bn takeover by a Hong Kong-based conglomerate. CK Asset Holdings, founded by Hong Kong's richest man Li Ka-shing, will pay £2.7bn for the 220-year old brewery company and take on its debt, worth an additional £1.9bn. Greene King, based in Bury St Edmunds, Suffolk, was founded in 1799 and operates nearly 3,000 pubs, restaurants and hotels, and owns brands including Hungry Horse and Chef & Brewer.

  • UK pubs operator Greene King agrees to £4.6 billion Hong Kong offer
    Reuters

    UK pubs operator Greene King agrees to £4.6 billion Hong Kong offer

    CKA already owns a near 3% stake in Greene King, also owner of the Chef & Brewer and Hungry Horse chains and whose shares jumped 51% to match the bid price. The proposed takeover comes after Greene King, with 2,700 pubs, restaurants and hotels across the UK, has like others struggled with a rise in the minimum wage and a move away from pub drinking among younger Britons. Britain's looming exit from the European Union risks denting the economy but in the meantime the weakness of sterling has made it cheaper for foreign buyers to snap up UK assets.

  • Reuters - UK Focus

    UPDATE 2-UK pubs operator Greene King agrees to 4.6 bln pounds Hong Kong offer

    British pubs operator Greene King has agreed to a 4.6 billion pounds ($5.6 billion) bid from a Hong Kong-listed company founded by the territory's richest man Li Ka-Shing, which said it was seeking to increase its UK presence even as Brexit looms. The offer from CK Asset, whose founder ranks among Asia's best-known entrepreneurs, values shares in the brewer of Old Speckled Hen and Abbot Ale at 850 pence each or 2.7 billion pounds in total, a premium of about 51% to their Friday close. CKA already owns a near 3% stake in Greene King, also owner of the Chef & Brewer and Hungry Horse chains and whose shares jumped 51% to match the bid price.

  • Hong Kong Billionaire Bets on a Brexit Certainty
    Bloomberg

    Hong Kong Billionaire Bets on a Brexit Certainty

    (Bloomberg Opinion) -- The 2.7 billion-pound ($3.3 billion) offer for Greene King Plc from an investment group backed by Hong Kong billionaire Li Ka-shing is a sign one thing is certain whatever the outcome of Brexit: Brits will keep drinking beer and eating pies.Greene King isn’t an international business pretending to be a U.K. company like Arm Holdings Plc, Inmarsat Plc, Cobham Plc or even Merlin Entertainments Plc – all of which generate most of their revenue from overseas and have received takeover offers since the referendum in 2016. The pub chain’s revenue is 100% in pounds.Yet its attractions are plain to see. The U.K. pubs industry has shed capacity in recent years. The survivors have adapted by offering food and making pubs more family friendly. Contrast that with the casual dining industry, where pizza chains in particular have proliferated and poisoned returns. Greene King owns most of its 2,700 sites. That will provide some comfort to CK Asset Holdings Ltd., which is more accustomed to investing in solid U.K. rail, water and real estate assets.The timing is telling. Greene King was more affordable last year when its shares hit their lowest since 2011. But back then its board might have been less amenable to a deal. Since then, the pound has continued to slide.CK’s offer, pitched at a 51% premium to where the stock was trading just before the bid, gives investors a price they haven’t seen since the Brexit vote at a time when U.K. stocks are deeply unpopular with international money managers. That high top-up may assuage fears management rushed to back a deal that is likely to see them stay in their posts.It may seem like a small, bullish sign for U.K. equities. The reality, though, is there are few companies that share Greene King’s characteristics.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • 2 unloved sectors that look over-sold
    Fool.co.uk

    2 unloved sectors that look over-sold

    Bargain – or value trap?

  • Greene King shares surge on £2.7bn takeover deal
    Yahoo Finance UK

    Greene King shares surge on £2.7bn takeover deal

    Hong Kong-based property developer CK Asset Holdings announced late on Monday a 850p-a-share takeover bid for Greene King.

  • Reuters - UK Focus

    UPDATE 2-Stimulus hopes drive up European shares for second session

    European shares ended higher for a second straight session on Monday on signs that measures would be adopted to prop up growth in major economies, while bond yields rebounded amid improved global sentiment plagued by recession worries. The pan-European STOXX 600 index, hammered since the start of August by worries of a possible global slowdown, ended 1.2% higher, with Frankfurt shares up 1.3%, recovering from last week's six-month low. "It's a continuation of what we saw on Friday, the hope that their government will step in to provide fiscal stimulus to boost growth in the economy," said Carsten Brzeski, chief economist, Germany at ING.

  • Reuters - UK Focus

    UPDATE 2-Oil majors, banks lead FTSE 100; Greene King soars on M&A

    London's FTSE 100 bagged gains on Monday led by oil majors and Asia-exposed banks that rose on moves by China to keep business interest rates low, while pub operator Greene King helped midcaps outshine after agreeing to be bought out. The FTSE 100 added 1%, its biggest one-day rise in more than 10 days, but a 50% surge in Greene King shares helped the FTSE 250 index outperform with a 1.5% rise.

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