The pub and restaurant operator hasn’t boomed by a broader improvement in market confidence though. Instead, a release of blowout full-year trading numbers have driven the All Bar One and Toby Carvery owner through the roof.

Yet despite these stunning gains, Mitchells and Butlers’ shares still look dirt cheap on paper. Can the publican keep rising after hitting last week’s multi-month highs?

Market-beater

Times are tough for the UK leisure industry as the cost-of-living crisis drags on. This remains a significant danger as the domestic economy splutters, unemployment ticks higher, and the Budget leaves people with higher tax bills.

However, Mitchells and Butlers has found a way to thrive in this tough climate, as Friday’s update showed. Like-for-like revenues rose 4.3% in the 12 months to 27 September, comfortably outpacing the wider market. In fact, it beat its competitors by a good 3% or so. On a reported basis, turnover was up 3.9% at £2.7 billion.

Thanks to its strong sales and effective cost cutting, Mitchells’ operating profit came in at a forecast-topping £330m (up 5.8% year on year).

Still impressing

The million dollar question though, is can Mitchells keep up the pace? Recent trading data is certainly encouraging, as while broader retail sales are declining, revenues for the FTSE 250 company are instead accelerating.

Like-for-like sales increased 3.8% during the first eight weeks of the new financial year. This was up from 3.2% during the final quarter of fiscal 2025.

Effective price hikes on its food and drinks, combined with widescale refurbishments across its estate have so far delivered impressive results.

A FTSE 250 bargain?

So are Mitchells and Butlers’ shares a buy then? While still performing strongly, there are some substantial dangers investors need to think about.

The first thing to consider of course is whether, at some stage, even a market-beater like this will run out of road. The economic outlook is weak for the short-to-medium term, which may make it increasingly difficult for the publican to grow sales.

There’s also the problem of rising costs. Mitchells experienced cost headwinds of £100m last year. It’s guided for a still-higher £130m this financial year, driven by rising labour and food costs.

Yet the company’s continued resilience deserves serious consideration, in my book. It’s Ignite restructuring programme to cut costs and boost sales continues to deliver — adjusted operating margins rose 0.2% last year, to 12.2%. And there’s further gains to come.

At 287p per share, the company’s forward price-to-earnings (P/E) ratio is a modest 9.1 times. At these levels, I think bargain-loving investors should consider taking a shot. It’s a valuation I think could lead to further share price gains.

The post With a P/E of 9.1, can this cheap FTSE 250 stock keep surging? appeared first on The Motley Fool UK.

With that in mind, I noticed two lesser-known FTSE 250 stocks with earnings due this week. One presents a compelling income opportunity while the other hints at recovery potential.

But are they worth considering?

Mitchells & Butlers

Pub group Mitchells & Butlers (LSE: MAB) is set to release its full-year results for the 52 weeks ended 27 September on Friday (28 November). 

Analysts forecast full-year revenue of around £2.73bn and operating profit around £325m–£327m, representing roughly 5% growth year-on-year. Shore Capital’s Greg Johnson has upgraded estimates to £325m, with EPS of around 30p (up around 14% year-on-year).

Performance has slowed this year as high inflation continues to suppress consumer spending. The company delivered 4.2% like-for-like sales growth for the full year, with food sales up 3.4% and drink sales rising 1.9%. Management confirmed in September that results should align with consensus expectations.

However, Q4 growth slowed to 3.1%, with some weakness in London venues and premium brands noted.

Inflation looks likely to be an ongoing challenge, expected to cost the pub operator around £130m next year (around 6%). The combination of wage increases and higher employer National Insurance contributions is a core contributor. Despite this, M&B said it’s confident it can navigate these issues through operational efficiencies and strategic investments.

Analysts are moderately confident, with around 66% giving the stock a Buy rating. The average 12-month price target is 347p, a 42.7% increase from current levels.

I don’t expect a big move after Friday’s results, so I see no reason to make big decisions today. However, if inflation eases, the recovery potential makes it one to consider in 2026.

Pennon Group

Water utility group Pennon Group  (LSE: PNN) is set to report its Q2 2026 earnings Thursday (27 November). From what I can tell, investors anticipate a strong return to profitability after last year’s loss. Reports suggest that the company has implemented disciplined cost control and efficiency measures to improve performance.

A combination of increased metering and revised tariffs has helped improve revenue, though some income was deferred into fiscal 2027 to smooth customer billing. Despite elevated costs driven by a surge in water demand and network stress, efficiency gains in its capital programme helped offset these pressures.

Analysts now expect adjusted EBITDA to rise around 60% year-on-year to around £536m-£562m. While still ambitious, this is marginally lower than the prior 66%-67% growth guidance due to operational issues over the hot summer.

Although environmental incidents have reportedly halved since last year, the company still faces notable risks from pollution and storm overflow spills. Wastewater outcome delivery incentives are set to be neutral his quarter. However, after a major burst at the Dousland facility, water services faced some impact from network leaks and supply interruptions.

Still, the group’s on track to deliver its targeted 7% return on regulated equity (RORE) for Q2.

While analysts don’t expect much in the way of price gains, the stock’s 6.6% dividend yield makes it worth considering as part of a diversified income portfolio.

The post 2 under-the-radar UK stocks to consider ahead of this week’s earnings reports appeared first on The Motley Fool UK.

But what if there’s a different way? What I’m looking for is high earnings growth and a share price that hasn’t yet caught up.  And I’m not just checking earnings growth. If a company’s forward price-to-earnings (P/E) ratio’s too high, it may be a sign that analysts feel the earnings are already priced in. 

So I want to find the hidden gems – companies banking high profits but still flying under the radar. With this in mind, I’ve identified two underappreciated FTSE shares with low valuations that still need to catch up with their recent earnings.

NewRiver REIT

First up, let’s check out NewRiver REIT (LSE: NRR). It’s a real estate investment trust (REIT) that buys and develops community-focused retail and leisure assets. Think pubs, shopping centres, retail warehouses, and high street stores. It’s a business model that’s been through the wringer, what with the pandemic and all, but it seems to have staged a pretty impressive comeback.

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The numbers tell a compelling story. Earnings soared from £3m in 2023 to £23.7m in 2024. That’s a huge leap, and it’s a testament to the business’s recovery. The company’s revenue is also estimated to reach £82.85m this year, up from £56.2m last year. What’s more, its forward P/E ratio’s a low 8.6, suggesting the price has yet to reflect the company’s improved profitability.

Analysts seem to agree — the 12-month price target for the stock envisions a 29.3% rise from its current level.

However, an investor must weigh up the risks. The property sector’s highly sensitive to economic conditions, and a downturn could send the stock back down again. If inflation remains high, it may struggle to make gains as borrowing costs increase. 

But what really swung the scales for me is the 9.12% dividend yield. For that reason, I think it’s a share worth considering for income investors.

Mitchells & Butlers

Next on my list is Mitchells & Butlers (LSE: MAB). This is a big name in the UK’s pub and restaurant scene, operating a managed portfolio of popular brands including Toby Carvery, Harvester and All Bar One across the UK and Germany.

This July, it posted a 5% rise in third-quarter like for like sales, a solid sign of continued demand. And in the past 12 months, the company’s earnings increased by 276% compared to the same period a year ago, showing a remarkable financial turnaround. 

On top of that, it’s got a healthy balance sheet, with its total equity almost double its debt, which gives me some comfort. Like NewRiver, its forward P/E ratio is low at 9, which suggests the price has lots of room to grow if it can maintain this trajectory.

Risks to consider? Always. While the top line’s impressive, Mitchells & Butlers’ net margins remain thin. The share price is down 6% in the past three months, so it must keep up its profitability. And it could slip if upcoming results disappoint. 

Still, based on the low valuation and strong recent performance, I think it’s a promising FTSE share for value investors to check out.

The post 2 under-the-radar FTSE shares that have enjoyed spectacular earnings growth in the past year appeared first on The Motley Fool UK.

• Price-to-earnings (P/E) ratio
• Price-to-earnings growth (PEG) multiple
• Price-to-book (P/B) ratio

Based on the above, here are two of my favourite mid-cap stocks in October.

Babcock International Group

Global defence spending has risen sharply since Russia’s invasion of Ukraine in 2022. As the prospect of Cold War 2.0 grows, fears over Chinese expansion persist, and the Middle East plunges deeper into conflict, arms budgets look set to continue climbing.

I don’t think this is reflected in the cheapness of Babcock International Group‘s (LSE:BAB) share price. Unlike the broader defence sector, it’s failed to sweep higher in 2024. In fact, it’s declined sharply (more on this later).

This means the company trades on a forward P/E ratio of just 10.9 times. This is much lower than the corresponding readings of other major US and UK defence companies, as the table below shows.

As well as carrying a rock-bottom P/E ratio, Babcock also deals on a PEG ratio of just 0.3. A reading below 1 implies a stock’s undervalued.

So why is the company so cheap? One reason is that it’s more dependent on UK orders than the broader industry. This means its long-term outlook’s less assured as Britain’s high public debts impact spending on things like defence.

Babcock’s low valuation also reflects expectations of weakening cash flows this year. But while they’re significant, I believe these issues are currently more than factored into the cheapness of the company’s shares.

Babcock’s orders rose £800m last year to top £10.3bn. I believe it’s in great shape to continue chalking up new contracts.

Mitchells & Butlers

Purchasing retail and leisure stocks is riskier today than usual as Britain’s economy splutters. For Mitchells & Butlers (LSE:MAB), the number of pints it pulls and meals served may fall as people eat and drink at home instead of at the pub.

Still, like Babcock, I think these threats are baked into the pub chain’s ultra-low share price. It trades on a P/E ratio of 11.1 times.

What’s more, the company’s PEG ratio sits way back at 0.2.

If all this wasn’t enough, Mitchells & Butlers’ shares also trade well below the value of the firm’s assets. Its P/B ratio sits comfortably below the bargain benchmark of 1, as the chart below indicates.

Though consumer spending’s weak, I’m encouraged by the rate at which sales here are rising. Like-for-like revenues increased 5.2% in the last financial year, which is thanks in part to strength of its brands such as Harvester, Toby Carvery and All Bar One.

Mitchells & Butlers is also benefitting from falling competition in the domestic pub industry. With the business also demonstrating a firm grip on costs, I think this FTSE 250 value share’s worth a close look.

The post 2 of my favourite FTSE 250 bargains this October! appeared first on The Motley Fool UK.

Marks and Spencer

In 2016, Marks and Spencer Group (LSE: MKS) took a tumble that wiped 82% off its share price over the following five years. It has since been struggling to recover.

Now it seems to be back in the game with a vengeance after posting impressive earnings this week. With revenue up 9% and adjusted earnings up 45%, it’s no surprise the share price is soaring. Deutsche Bank, Goldman Sachs, and JP Morgan all put in positive ratings for the stock this week.

It’s not in the clear yet, though. It sports a fair chunk of debt after several years of declines and faces stiff competition from rivals. As a higher-end retailer, it could suffer further losses if the economy takes a turn for the worse. I like the direction it’s headed but it’s possible the share price could fall again.

However, the strategy implemented two years ago to revive the business appears to be finally working. As noted by CEO Stuart Machin, sales on both sides of the business (online and in-store) have grown for 12 consecutive quarters.

A British pub favourite

Mitchells & Butlers (LSE: MAB) is a stalwart on the UK pub scene, operating since 1898. Covid hit it hard though and it fell out of profit in 2020, with negative earnings throughout most of last few years. This year has brought a promising recovery though.

In first-half results posted this week, it revealed adjusted operating profits up 64% compared to last year. Revenue is up 7% from £1.28bn to 1.4bn and earnings per share (EPS) more than doubled from 5.5p to 13.5. The results prompted a 14% jump in share price to over 300p, the highest it’s been in almost three years.  

But shifting consumer habits combined with rising costs threaten its bottom line. It’s a powerful and well-established brand but the sector-based risk remains. There’s signs pub culture might be on the decline in the UK, with fewer young people drinking. M&B still delivers the food side of the business but it’s largely known for its boozers.

I still plan to buy the stock but will keep a close eye on societal developments.

Schroders

Asset management firm Schroders (LSE: SDR) was given a buy rating by UBS this week. That surprised me, considering the stock is down 15% in the past year. But the company’s Asia-based investment products have been doing very well recently, particularly its Oriental Income and Asia Income funds. These have helped to shore up disappointing performance on the European side.

Overall, shares in Schroder are estimated to be undervalued by 30% using a discounted cash flow model, so growth potential is there. The trailing price-to-earnings (P/E) ratio of 15.5 is expected to reduce to 12.7 as earnings increase. That could open up several good buying opportunities in the coming months.

But it’s not a growth stock so I wouldn’t expect much from the share price. Even positive analysts envision little more than 9% growth in the coming year. The key value proposition for me is the 5.5% dividend yield, which is well-covered by earnings with a consistent track record of payments. I’m buying it for that.

The post My 3 picks for the best UK shares to buy in June appeared first on The Motley Fool UK.

Consequently, these companies are generally more domestically focused than their larger, blue-chip counterparts, and often have a substantial presence in the UK market.

Given the understandable focus on the FTSE 100, I think individual investors can be prone to overlooking the many companies that make up the FTSE 250 index.

With that in mind, is now a good time to invest in potentially undervalued FTSE 250 companies?

Poor index performance

The FTSE 250 is regarded by some as the market’s sweet spot, housing swiftly expanding companies that have navigated the riskiest phases of their growth. But the index as a whole has somewhat struggled in recent years.

To illustrate, in the last 12 months, its value has barely increased, while the FTSE 100 has risen by approximately 6% over the same period.

Looking at year-to-date growth paints a bleaker picture. Since the beginning of January 2023, the FTSE 250 has lost around 8% of its value. Over the same period, the FTSE 100 has only lost 1%.

But I’m less concerned about the performance of the index as a whole and more interested in individual companies with strong fundamentals and growth potential.

Undervalued FTSE 250 firms

For example, let’s take Bank of Georgia Group. The industry-leading bank serves over 2.6m customers through one of the largest services distribution network in Georgia.

While Georgia is a growing economy, its location unfortunately means there will likely continue to be an increased risk of regional tensions and economic instability that could impact business environment.

Nonetheless, by harnessing strong customer relationships, continuous digital innovation and cutting-edge banking solutions, the group aims to deliver above 20% return on average equity (ROAE) and around 10% growth in the loan book over the medium term. Granted that’s ambitious, but I like it and I’m confident.

With a price-to-earnings ratio of just 3.8 and a dividend yield of 6.3%, the shares look like a steal in my eyes.

And then there’s Mitchells & Butlers. The pub and restaurant operator has enjoyed a robust financial performance in 2023 on the back of increased volume in both food and drink sales.

This indicates resilient and growing demand for the pub chain’s offering. So much so that it now expects full-year earnings to be the top end of expectations.

As I write, the shares trade at around the 202p mark and earlier in the year, analysts at Jefferies upgraded the stock to a ‘buy’ with a 270p price target.

That said, the group will still be mindful of the challenging macroeconomic environment and pressures on the consumer, which could act as a drag on any further increase in sales.

It’s time to invest

From my perspective, the FTSE 250 is home to a wide range of established companies with the potential to deliver further strong growth. As such, I see a handful of great buying opportunities across the index.

If I had some cash to spare, I’d hoover up some shares in a heartbeat.

The post Is it time to invest in cheap FTSE 250 stocks? appeared first on The Motley Fool UK.

I am searching for companies battling temporary headwinds that may capitalise on the economic recovery over the next few years.

A great example is pub and bar operator Mitchells & Butlers (LSE: MAB). 

FTSE 250 recovery play

This business suffered a 50% drop in sales in its 2021 financial year. However, in its latest trading update, the company told investors that like-for-like sales for the 16 weeks ended January 12 came in just 3.9% lower than pre-pandemic levels. 

Unfortunately, plenty of headwinds could hit growth in the months ahead. The cost of living crisis is the organisation’s main challenge, with wages and costs rising across the business. 

Still, analysts believe the company’s sales will return to, and potentially exceed, pre-pandemic levels over the next two years. Based on these projections, the stock is trading at a forward price-to-earnings (P/E) multiple of just 9.9.

It is also trading at a significant discount to value. The price-to-book (P/B) value of the shares is currently 0.7. In theory, any profitable company should trade at book value, implying the stock is undervalued by around 30%. 

Based on these factors, I would buy the dirt-cheap FTSE 250 company for my portfolio of recovery investments. 

For me, the homebuilding sector also currently looks attractive, despite the government’s threats to force developers to pay for the UK’s cladding crisis. This could inflict a multi-billion pound penalty on the industry. All companies in the sector are now on notice.

Nevertheless, I also believe that the sector benefits from significant favourable tailwinds. These may help it ride out any government action.

One of the best shares to buy today 

Most importantly, the country’s housing market is structurally undersupplied, which will take years to rectify.

In the meantime, it looks as if house prices will continue to rise, benefiting FTSE 250 developers like Redrow (LSE: RDW). These companies should be able to sell more properties at higher prices with the right tailwinds. 

Right now, it looks to me as if the market is ignoring this positive. At the time of writing, the stock is trading at a forward P/E multiple of 6.8. It also supports a dividend yield of nearly 5%. 

According to the company’s latest trading update, Redrow has been rising to the challenge. It added 1,400 plots to its current landbank in the 19 weeks to the beginning of November, with more added to the long-term land bank.

The group has an order backlog of £2.1bn properties and nearly £300m of net cash on the balance sheet. That should keep it snapping up new landholdings and pushing forward with developments. 

Considering the state of the UK housing market, the company’s current valuation and its potential over the next few years, I think this would make a great addition to my portfolio of FTSE 250 shares. 

The post 2 dirt-cheap FTSE 250 shares to buy today appeared first on The Motley Fool UK.

Mitchell & Butlers sees improved performance

Consider Mitchell & Butlers (LSE: MAB), which released a trading update earlier today. The group, which owns pub and restaurant brands like All Bar One, Browns, and O’Neills, has reported encouraging numbers for the post-lockdown period. Since bars and restaurants are allowed to reopen indoors in mid-May, its like-for-like (LFL) sales have risen to 97% of their pre-pandemic levels. And in the past eight weeks, which covers the two months since ‘freedom day’, the number is even better at 104%. 

This is an encouraging sign for a stock that was profitable before Covid-19. And going by the fact that the FTSE 250 stock is an established brand, I expect that it can rise more as the pandemic recedes. Much progress has already been made, and while some uncertainty remains, it is one I am seriously considering. This is especially since its share price is still around 40% lower than the early 2020 highs. 

Fuller Smith & Turner is also recovering

Similarly, Fuller Smith & Turner also reported somewhat encouraging trends in the post-lockdown period earlier today. For the seven weeks to 18 September, its LFL sales are at 86% of their 2019 levels. It also says that country pubs have benefited from domestic travel in the summer months. And its London pubs are also showing a pickup in activity. Also, much like Mitchell & Butlers, its share price is also below its early 2020 levels, indicating that there is scope for improvement as uncertainty subsides further. 

Marston’s could pick up too

Other pub stocks are worth considering too. One of them is Marston’s, which is still a penny stock after it fell fast in early 2020. It has not recovered since, and is still trading at half the highs of that time. In late July, shortly after all restrictions were lifted, the pub reported better than expected performance on account of warm weather and the Euro 2020 tournament. In this case though, the one drawback is that the company’s performance was slipping even before the pandemic happened. Also, there were talks of its acquisition earlier in the year. So, I maintain that I would wait for more updates to see where it is at.

Recovery stocks I’d buy

Overall, I think pubs as a segment can rise significantly from current levels if the virus remains under control. With more consumer spending likely as people step outside the house, it can pick up fast. But I would wait for detailed financial results from these companies before deciding my pick from among them. 

The post Best recovery stocks to buy for 2022 appeared first on The Motley Fool UK.

Pubs are still struggling

FTSE 250 stock Mitchells & Butlers (LSE:MAB) is a pub company operating in the UK and Germany. Its well-known brands include All Bar One, Harvester, Innkeeper’s Lodge, O’Neill’s, Toby Carvery, and several more. The company also operates some property leasing.

It has a £1.9bn market cap compared with rival Whitbread’s £6.9bn market cap. It’s been burning cash at a rate of between £35m and £40m per month, and its debt costs it around £51m per quarter.

It’s widely expected that there will be a rush on pubs and social entertainment once the lockdowns are lifted. But it’s likely to take a long time before Mitchells & Butlers becomes profitable again. The Mitchells & Butlers share price has recovered 70% in a year and is up 30% in the past three months. While this shows confidence in the company, it makes me nervous and reluctant to invest. The Covid-19 situation is still bad in many parts of the world, and we’re not out of the woods yet. I think this stock could easily plummet again if the path out of lockdown is slower than anticipated.

Signs of growth in polymer demand

Polymer production company Victrex (LSE:VCT) has had an easier year than many companies, but Covid-19 still affected the business in the second half of 2020. Lower production led to higher costs, but 2021 is showing signs of growth. It’s cash strong with debt facilities available if need be.

Polymer demand depends on the market for plastics. This is not slowing down with considerable growth opportunity in emerging markets.

The Victrex share price is up 5.6% in a year and down 11% in the past three months. The FTSE 250 company reinstated its dividend in December after seeing a notable improvement in demand from the auto, electronic, and medical markets. Its dividend yield is 2.2%. It has a £1.8bn market cap and forward price-to-earnings ratio is 26.

However, profitability is likely to be slow and as it’s a globally facing stock, Covid-19 remains a threat to its success. I’m not confident enough to jump into this stock yet, but will keep it on my watch list.

FTSE 250 tech stock

UK tech company Micro Focus (LSE:MCRO) has done rather well since the pandemic hit. Its share price is up nearly 40% in a year and 15% in the last week. Its share price is close to its 52-week high and last week the company announced it’s partnered with US tech stock success story Snowflake to deliver data-centric protection to international clients.

It has a £1.5bn market cap, dividend yield is 2% and earnings per share are negative. I like a tech stock with a dividend, but I find the company’s very high debt levels concerning. And tech is a cut-throat industry with plenty of stocks to choose from. The sector has been on a tear through 2020 and is now falling out of favour with investors. Therefore, I’m not tempted to buy Micro Focus shares today, but will keep an eye on its progress.

The post Covid-19-hit FTSE 250 stocks that I’m avoiding appeared first on The Motley Fool UK.

Britons were excited to return to pubs from July, but local lockdowns, Boris Johnson’s suggestion that the UK is “now seeing a second wave” of Covid-19 and the introduction of a 10pm curfew suggest that a pint might soon be out of the question once again.

Let’s see if these three FTSE 250 companies are worth the risk.

J D Wetherspoon

J D Wetherspoon’s 52-week low of 559.5p per share came just before each of its 873 sites closed in March. According to its website, 858 of those have currently reopened, but its share price is still well below 1,000p. In September 2019, 1,500p was average.

Despite this, the Eat Out To Help Out scheme and increased outdoor seating areas have helped the FTSE 250 company get back on its feet, while its current ‘Stay Out To Help Out’ initiative is providing a leg up against competitors. 

On top of that, it seems confident in its own long-term growth. Two new J D Wetherspoon pubs have opened since July, the reduction of VAT on food sales in pubs and restaurants to 5% has allowed further price reductions, and various waivers and loans have given increased financial security.

At the moment, J D Wetherspoon seems like it could be the safest FTSE 250 pub stock, and Roland Head agrees that J D Wetherspoon is likely to remain a good long-term investment.  

Marston’s and Mitchells & Butlers

Both Marston’s and Mitchells & Butlers tell a different story. They might both be FTSE 250 companies trading at much lower share prices than this time last year, but I have my doubts.

While Marston’s sale of 168 pubs and its 40% share of a new venture alongside Carlsberg UK (Carlsberg Marston’s Brewing Company) looks good on paper, both are attempts to reduce its rather crippling debt, which sits above £1bn and isn’t covered by cash flow.

Mitchells & Butlers started the year with a 2.6% increase in first quarter LFL sales, but Covid-19 hit the company hard. Like Marston’s, it is in a lot of debt and its earnings aren’t high enough to cover its interest.

While it doesn’t seem like either company will come crashing out of the FTSE 250 or go out of business, they both seem to have less growth potential yet more risk of being hit hard by Covid restrictions than J D Wetherspoon.

The takeaway pint

The 10pm curfew took a similar chunk out of the share price of all three companies, and they’ve all started to recover at similar rates. As such, they remain on equal (in this regard, at least) footing, and so my views haven’t changed.  

While Covid restrictions loom large, all three come with risk.

But different investors have different appetites for risk. While Matthew Dumigan believes that Marston’s is a good post-pandemic buy, I’d still buy J D Wetherspoon. A market crash could allow an exceptionally cheap price to turn into post-lockdown profit, but even without that, it seems like J D Wetherspoon is one of the safest long-term FTSE 250 investments.  

The post Local lockdowns: are these FTSE 250 pub stocks risky investments? appeared first on The Motley Fool UK.