Please find our updated analysis of Stonegate here.

Following the Q325 results we felt we should raise our projections for the company as operating expenses turned out better than expected. However,

The update this morning is incremental. We love how a year ago the Euros were downplayed as having only a minor effect on the business, but

Please find our updated analysis of Stonegate here.

The 18-Month plan underlying the recapitalisation was presented some 18 months ago, and we’ve had a look for its effects. We’d be cynical to say we didn’t find any, but it has almost entirely been absorbed by demand elasticity and labour cost headwinds, so that

Stonegate continues to do better than we thought, as L&T continues to do well. Managed Pubs and Operator Led are continuing their decline while

Stonegate reported benign figures on Friday. Our concerns that, following the restructuring, management would have some unexpected

Please find our updated analysis here.

So it’s been complicated - very much along expectations and justifying our caution about participating in this deal. The best pubs have had to be spun off into a

Please find our updated analysis of Stonegate here.

So the market has been open and TDR haven’t pulled the trigger. Q2 had undeniably good news on the closing of key supply contracts that should

Please find our updated analysis of Stonegate here. 

The name is nearing its refinancing - the market is asking for it. Admittedly we’ve missed the trade into refinancing on this name, but we actually still feel that