Mitchells & Butlers Prospects Hinge on U.K.'s Autumn Budget -- Market Talk

1043 GMT - Mitchells & Butlers might be outperforming peers but its longer-term prospects depend on the next U.K. government budget statement, Peel Hunt's Douglas Jack and Ivor Jones write. The statement is due Oct. 28 and the analysts point to it as the key driver of forecasts and sentiment. "It is unclear how much of the sector will benefit from the 20% business rates discount, and the government is yet to say that it intends to cease its hikes in tax rates and regulation," they say. Despite this, the bar and restaurant company's valuation multiple is unfairly low, Peel Hunt says. The investment bank has a buy rating on the stock and a 375 pence price target. Shares are 2.4% higher at 278.50 pence.(joseph.wilkins@wsj.com)

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September 24, 2026 06:43 ET (10:43 GMT)