Regent Inns and JD Wetherspoon, two successful pub retailers with young public lives, offer the nearest comparison to Yates, which decks its bars out in Victorian splendour with the emphasis on drinking.
At 140p, Yates shares would be on a historic p/e of 18.9 and carry a yield of 2.7 per cent. This is at a slight discount to Regent and Wetherspoon. The same can be said looking forward, with Yates' p/e falling to about 15.5.
That said, Yates will have to make a cash call, probably within three years, to satisfy the company's aspirations to double its outlets to 100 by the turn of the century.