95% of pubs are now back open with a restart of Ignite initiatives and capex investment cycle set to resume shortly. This, and its repaired balance sheet, should support a strong recovery in 2H21E and resumption of its pre-Covid growth trajectory in FY22E and beyond. We cut FY21E EBITDA forecasts by 19% to reflect timing of easing of restrictions but leave outer years unchanged with a recovery in margin expected during FY22E. Deleveraging remains a priority with net debt / EBITDA (IAS 17) forecast to fall to c3.1x in FY22E. The stock offers value on 7.8x EV/EBITDA for CY22E, a 30% discount to pub peers. BUY
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