PPHE Hotels (PPHE)

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PPHE Hotels PPHE Logo

Owns, leases, develops, operates and franchises full service upscale, upper upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe.

31-Oct-2017 – 1040p – £440.2m – PER 13.6

Trading Update For The 3 Months And 9 Months To End September 2017 – From what I can make out, this is basically an in-line update.

Up nicely the past 12 months however I just can’t get excited about investing in hotels – Airbnb is just a much better experience for many now. If I was looking to invest in the sector I would probably try and find a group carrying less Net Debt than £621m (almost 150% of it’s Mkt Cap).

31-Jan-2018 – 1120p – £474.0m – PER 14.2

Trading Update For The 12 Months To End December 2017 – In-line.

I maintain a similar view here to last time. I just can’t get excited about investing in hotels – Airbnb is just a much better experience for many now. And, if I was looking to invest in the sector I would probably try and find a group carrying less Net Debt than £621m (well over 100% of it’s Mkt Cap).

28-Feb-2018 – 1150p – £486.7m – PER 14.9

Audited Results For The 12 Months To End December 2017 – Revenue up 19.3% to £325.1m (2016: £272.5m), normalised PBT up by 1.1% to £32.1m  (2016: £31.7m), normalised EPS down 14.4% to £0.58 (2016: £0.68), total Dividend up 14.3% for the year.

There’s perhaps more upside here but for previous reasons I am not going to get involved – E.g. sector disruption and Net Debt.

2-May-2018 – 1160p – £491.1m – PER 16.4

Trading Update For The 3 Months To End March 2018 – In-line.

Remains on my Avoid list, sector disruption and Net Debt (double the Market Cap) which I know is acceptable for a Hotel Group but that’s just too much for me to swallow.

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