GKNGY - Greene King: Cheap But The Outlook Worsens For Britain's Pubs
2017 was yet another annus horriblis for the longer-term shareholders of British pub company Greene King (GKNGY)(GRKGF). As it stands the stock is down around 25% on where it closed out 2016. That came on the back of a similar decline over the twelve months before that. The total damage? A 45% drop from its 2015 highs - a particularly poor performance given the bull market in UK equities sustained throughout that time.
Revisiting The Business
When I first covered the stock last summer I started out by listing the major