A quick look at Enterprise Inns
Posted by Graeme in Shares at 5:47 am on Tuesday, 26 February 2013
This is a company I have not looked at for a very long time. My interest was raised by a post on Expecting Value. The price to book value of 0.5 and reasonable PE (5× pre-exceptional earnings) it looks like a bargain, and sales of assets paying off its debt, but with some worries about low returns and constant downward revaluations of fixed assets. (more…)
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The death of equity growth
Future returns on investments in shares will come less from growth in the underlying businesses and more from income. This means that ratings should be lower, and, in particular, we should expect higher yields. (more…)
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