In an ongoing analysis of
The broker suggests cash flows from Hotels alone is insufficient to fund Hotels capex, which increases the odds of other funding options including freehold divestments.
At the same time, potential interdependance of funding between divisions reduces the medium-term possibility of a change to Endeavour Group's corporate structure, explains Morgan Stanley.
The freehold sale alternative would be a positive share price catalyst given recent shareholder concerns around capital discipline, in the analysts' view.
Sector: Food & Staples Retailing.
Target price is
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