Brewers undervaluing their leisure businesses

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The brewery stocks have been unloved in the past year and as a result stand on comparatively low P/E...

The brewery stocks have been unloved in the past year and as a result stand on comparatively low P/Es with yields above those available on gilts. The share price of all three major brewers - Bass, Scottish & Newcastle and Whitbread - have all tumbled in the past year as the market switched into technology and telecom related stocks. On 7 May 1999 the share price of Whitbread peaked at 1297p subsequently it has fallen to 449p as at 7 February 2000. The share price of Scottish & Newcastle achieved a high of 799p on 5 April 1999 and also hit a 52 week low on 7 February at 361p. Currently the ...

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