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As the smoke clears, Punch looks a good bet  

Investors should not expect any immediate pick-up in the stock but Punch has strategic options open to it, either through a demerger of its managed pubs division or spinning off its property estate. The company has been an acquisitive player in the sector in recent years, buying up the InnSpired and Spirit estates among others, and few would bet against it coming back to the market in the medium term. Buy

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