Whitbread PLC

Whitbread is a hospitality company. Co. serves its customers in the U.K. and beyond through its two businesses: Premier Inn and Restaurants; and Costa. Premier Inn is a hotel business, with over 760 hotels and more than 68,000 rooms as of Mar 2 2017. Co.'s hotel are located alongside its own restaurant brands. Co. also have hotels in the Middle East, and Germany, with more hotels in the pipeline. Costa is the coffee shop, with over 2,200 coffee shops in the U.K., over 1,300 stores in 29 international markets and over 6,800 Costa Express self-serve units as of Mar 2 2017.
  • TickerWTB
  • ISINGB00B1KJJ408
  • ExchangeLondon Stock Exchange
  • SectorTravel & Leisure
  • CountryUnited Kingdom

Analysts

Jean-Christophe Dourret

Whitbread : Whitbread - 14 May 2019

...

Jean-Christophe Dourret

Whitbread : Whitbread - 14 mai 2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2019

Dufry's concessions in Spain shaved around 25-30bp off its EBITDA margin in 2018, on our estimates. The process of renegotiating these concessions might be arduous with the risk that the group might lose them (potential impact of CHF 9, i.e. -9% on the current share price). Even when factoring in this scenario and the generally challenging context for the sector, the valuation seems to have come adrift from the fundamentals, in our view. Buy recommendation reiterated. Cf. company repo...

Fehmi Ben Naamane ...
  • Matthias Desmarais

Whitbread : FY earnings below expectations. Very cautious on 2020

>Full year results below expectations - FY sales came in at £ 2.05bn (Oddo £ 2.12bn, consensus £ 2.08bn). Like-for-like growth was around -0.8% for the full year, on our calculations (-0.6% accommodation and -2.0% F&B), reflecting particularly weak momentum in Q4 (as expected). Weak Premier Inn RevPar trends in Q4 (-1.7% in FY 2019 vs. -1.1% in Q3 YTD) given difficult market conditions in the provinces impacted by lower consumer and business confidence, along with a s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2019

Les concessions de Dufry en Espagne ont coûté près de 25-30 pb en termes de marge d’EBITDA en 2018, selon nous. Leur processus de renégociation promet d’être compliqué avec le risque de les voir échapper au groupe (impact potentiel de 9 CHF, soit -9% du cours actuel). Même en intégrant cette éventualité et un contexte globalement difficile pour le secteur, la valorisation nous paraît toujours en décalage avec les fondamentaux. Recommandation Achat réitérée. Cf. étude publiée ce jour. - ...

Jean-Christophe Dourret

Whitbread : Whitbread - 14 May 2019

...

Jean-Christophe Dourret

Whitbread : Whitbread - 14 mai 2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2019

Dufry's concessions in Spain shaved around 25-30bp off its EBITDA margin in 2018, on our estimates. The process of renegotiating these concessions might be arduous with the risk that the group might lose them (potential impact of CHF 9, i.e. -9% on the current share price). Even when factoring in this scenario and the generally challenging context for the sector, the valuation seems to have come adrift from the fundamentals, in our view. Buy recommendation reiterated. Cf. company repo...

Fehmi Ben Naamane ...
  • Matthias Desmarais

Whitbread : FY earnings below expectations. Very cautious on 2020

>Full year results below expectations - FY sales came in at £ 2.05bn (Oddo £ 2.12bn, consensus £ 2.08bn). Like-for-like growth was around -0.8% for the full year, on our calculations (-0.6% accommodation and -2.0% F&B), reflecting particularly weak momentum in Q4 (as expected). Weak Premier Inn RevPar trends in Q4 (-1.7% in FY 2019 vs. -1.1% in Q3 YTD) given difficult market conditions in the provinces impacted by lower consumer and business confidence, along with a s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2019

Les concessions de Dufry en Espagne ont coûté près de 25-30 pb en termes de marge d’EBITDA en 2018, selon nous. Leur processus de renégociation promet d’être compliqué avec le risque de les voir échapper au groupe (impact potentiel de 9 CHF, soit -9% du cours actuel). Même en intégrant cette éventualité et un contexte globalement difficile pour le secteur, la valorisation nous paraît toujours en décalage avec les fondamentaux. Recommandation Achat réitérée. Cf. étude publiée ce jour. - ...

1 director maiden bought

A director at Whitbread maiden bought 610 shares at 4,857p and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Snoozebox Holdings plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Snoozebox Holdings plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Snoozebox Holdings plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advan...

Whitbread – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

proxy report 27/06/2018

Demerger of Costa Following pressure from activist shareholders, the Company has announced that it is planning to spin off its Costa Coffee chain form the rest of the business. The Company

Jérôme VINERIER

Short term view - WHITBREAD PLC : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at 4,802.00 p. Breaking below the support at 3,882.00 p would invalidate the trend.

Jérôme VINERIER

Analyse court terme - WHITBREAD PLC : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 4 802,00 p. La rupture du support à 3 882,00 p invaliderait cette tendance.

Jérôme VINERIER

Analyse court terme - WHITBREAD PLC : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 4 284,00 p. La tendance serait remise en cause par la rupture de 3 882,00 p.

Jérôme VINERIER

Short term view - WHITBREAD PLC : The recent fall is getting more vigorous.

The trend is bullish. The recent fall is getting more vigorous. The next support is at 4,284.00 p. A break below 3,882.00 p would challenge the trend.

Valérie GASTALDY

Medium term view - WHITBREAD PLC : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at 4,595.00 p and 5,049.00 p. The trend would be invalidated below the support at 3,124.00 p.

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