No one seems to have written anything about Adnams on Stockopedia - hardly surprising given that it is quoted on OFEX, and hasn't even made it on to AIM.
My mother wanted to buy some a few months ago, and her broker made he sign a special disclaimer, saying that she was a sophisticated investor, and prepared to invest high risk and illiquid stocks at her own risks.
Of course - Adnams is not without risk, but COME ON. It is a brewery owned by the same family since 1872. But before that there has been a brewery there since before the Black Death hit Europe in the 13th Century. No doubt the regulator would consider Royal Bank of Scotland, Lloyds, HBOS, Bradford & Bingley in 2006 as "low risk" and suitable for retail investors.
http://brucepackard.com/nullam-lorem-mattis-purus/
Anyhow - let me know what you think
I'm a happy customer of Adnams, who are my brewer of choice! And I use a good number of pubs in their tied estate (all good, except the Red Lion, IMO).
I'm also reasonably happy about their retail shops, which stock a good range of interesting kitchen products, wine and beer (of course) - the wine is good but not cheap.
I'm less convinced by their diversification into distilling - but time will tell.
From an investment standpoint, though, things are trickier. I haven't analysed it, but I suspect that the share price has born little relationship to the underlying business performance......
...which is probably itself a function of being hidden out of view and with a £97 share price.
It feels to me that the company is probably undervalued on fundamentals - a £100mn market cap doesn't sound taxing.....but it would be interesting to see a comparison with the likes of Greene King, Fullers etc if someone has the time.
Cheers....bottoms up :-)
