Young’s trading has burst back to life since opening in April with LFL sales at 97% of pre-Covid levels. Continual capex during Covid and a full restart of its investment programme will provide momentum over the key summer months. The mooted disposal of the Ram Pub Company would position the business as a pure play premium managed pubs and hotels business and free up significant funding for increased acquisition activity. We increase FY22E and FY23E EBITDA forecasts by 28% and 8% respectively due to the pace of sales and margin recovery with all pubs back open. TP 1700p (from 1600p). BUY
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