Shore Capital has reiterated its buy recommendation on Mitchells & Butlers with a 350p target, implying a 47% upside from the current 239p share price. The broker notes the shares have fallen over 25% due to geopolitical tensions but are undervalued given solid first-half results and a low forward P/E of around 7 times. Operating profit was flat at £318 million with revenue up 2.5%, despite inflation pressures. Shore expects profit growth from 2027 onwards driven by reinvestment returns, cost efficiencies, and normalized contributions from new openings. However, the group's bond structure may limit rerating as free cash flow remains below bond repayments, focusing capital on debt reduction rather than dividends or buybacks.
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