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UK: Scottish & Newcastle rating upped on H1 performance

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Scottish & Newcastle has had its share coverage raised, following the lift in its first half figures announced earlier this week. UBS today (8 August) upped its rating of the UK-based brewer to 'buy' from 'neutral', while increasing its target price to GBP6.80 from GBP6.50.

The broker said it was making the move following a 16% lift in the enterprise value of S&N's Eastern European joint venture, Baltic Beverages Holding, to EUR9.1bn (US$12.5bn) from EUR7.9bn following the lift of terminal EBITA margin to 25.5% from 23%.

UBS also highlighted the possibility of a takeover of S&N as well as the improved outlook for market share gains.

Yesterday, S&N posted first half results which showed a 5.6% increase in earnings per share to GBP0.15, on the back of a 7.8% climb in overall revenues to GBP2.1bn. The brewer warned, however, that the poor weather in June and July would impact performance for the full year.


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