Please find our updated analysis of Punch here.

Too tight for our usual demand profile, Pubs are still better than cash and just as safe - these days anyway. So perhaps considering that we are already long Stonegate, it follows that we are also going long Punch, but we do so for a different reason. Stonegate is a momentum trade. The company still doesn't quite earn what it must, but positive momentum carries it. Punch does earn what it must and is taking advantage of its less liquid peers. This almost certainly means that Fortress will be looking to take bondholders for a ride again, but at this rate of investment in the estate and Punch's relative advantage in this business rates environment mean that we would sell this to our mothers.

Not so exciting for bonds. The presentation could have been written by Donald Trump himself. Everything is strong, and bonds seem to

Punch bonds should be neutral today. Q226 results are right on target, if ever so slightly better than modelled. WC was

Please find our updated analysis of Punch here.

Forever the ugly duckling among behind Stonegate, Punch is doing well and turning acquisitive. The bonds are trading rightfully tight now,

[Delayed] The company reported Q126 revenues on target on Tuesday, but we had probably been too optimistic on the margin for a Q1m, which is typically

The Q425 call was a non-event. Like its bonds, the company continues to do well in this environment. Anyone who likes 7.5% yield needn’t

Please find our updated analysis of Punch here.

Following its refinancing in Q325, 7% YTW seem adequate for the better of the two UK pub companies. Yes, that is Punch being better than Stonegate as the latter is

The pub operator reported results on Friday - without a call, as those are reserved for half-years. Management must be commended for doing a great

Punch results came in right on target this morning. We are initially not finding anything extraordinary to report on the name, but will scrutinise results later in the day.

Please find our updated analysis here.

As stressed / distressed investment Punch is past its prime, again. The company should be able to refinance at will as soon as Fortress feel the market won’t

Punch Pubs has announced that Andy Spencer, currently Chief Operating Officer, has been appointed as Chief Executive Officer. He will assume

Please find our updated analysis of Punch here. 

As we’ve been saying before, this name should refinance soon. If we were management we would not hold out to next year for the last 1.5 points of call protection but

Please find what is likely our last update of Punch here.

The trade got away from us last year as the bonds would always trade just a little tighter than where we were prepared to buy in. Ultimately it was a matter of

Please find our updated analysis of Punch Taverns here.

All good things must come to an end. In the case of Punch Taverns though we’ve missed it. The bonds always traded too tight for us and the opportunity is

The company published its interim results ending in December. Sales were