Young & Co.'s Brewery A Expect topline to remain resilient, with room for further SBB; PT to 1,255p (vs prior 1,190p)

研报英文原文证据摘录

Young & Co.'s Brewery A Expect topline to remain resilient, with room for further SBB; PT to 1,255p (vs prior 1,190p)

C A Z E N O V E Europe Equity Research

22 May 2026

Young & Co.'s Brewery A Overweight

YNGa.L, YNGA LN

Expect topline to remain resilient, with room for further Price (22 May 26):760p

SBB; PT to 1,255p (vs prior 1,190p) ▲Price Target (Dec-27):1,255p Prior (Dec-27):1,190p

We update our model following Young’s FY 26 results yesterday (first take here),

with shares up 5% intraday. We believe this is attributable to (i) Young’s European Leisure, Hotels & Gaming

encouraging current trading (LFL +3.4% despite tough weather comps) and (ii) Karan Puri AC

management’s overall optimism around an eventful summer (Football World Cup, (44-20) 7742-8342

Rugby Championship, Cubitt House integration, etc.), which should keep Young’s karan.puri@jpmorgan.com

J.P. Morgan Securities plc

well positioned against an otherwise uncertain macro backdrop (albeit

Estelle Weingrodmanagement sees no signs of consumer weakness yet). Elsewhere, the balance

(44-20) 7742-8502

sheet continues to improve, with room for further capital returns over and above estelle.weingrod@jpmorgan.com

its ongoing progressive dividends policy and SBB, we believe, which should J.P. Morgan Securities plc

continue to support investor confidence. Additionally, Young’s recent shift from Avni Garg

the AIM to the main market should lead to improved liquidity, aiding its equity (91-22) 6157-3431

story. avni.garg@jpmchase.com

J.P. Morgan India Private Limited

Overall, in terms of our model (table 1), we keep our topline estimates unchanged

for FY 27 onwards while increasing EBITDA on average by LSD % (on slightly

Key Changes (FYE Mar)

better margin assumptions).