Updates

Fuller, Smith & Turner - To return up to 125p-a-share following sale of beer business

March 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Shares in pubs group Fullers, one of our New Year Naps for 2019, leapt 150p after it announced the proposed sale of its entire beer business to Asahi Europe for £250m on a debt free, cash free basis.The business being sold comprises its beer, cider and soft drinks brewing & production and wine wholesaling and also the Griffin Brewery, valuable real estate in its own right. Asahi will also receive a licence in perpetuity on a global, royalty free basis to use certain trade marks including Fullers for the provision of beverages.The sale represents a handsome exit multiple of 23.6x EBITDA (of £10.6m for the 52 weeks ending 31st March ’18) or around 14x for the underlying business, according to analysts, if ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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