Mr Bearbull 

Value without growth

Mr Bearbull

Mr Bearbull
Value without growth

The brewer and pubs operator Greene King (GNK) presents a familiar dilemma for equity investors – whether to buy shares in a business that struggles for growth. As ever, there are compensations on offer – chiefly, the 6 per cent dividend yield. Enticements like that must not sway judgement, however. The decision to invest must be grounded on a quantitative assessment that is realistic and provides numbers – as opposed to ‘feelings’ – with which to make a comparison with the stock market’s value.

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