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.
31-Oct-2018 – 1525p – £671.1m – PER 20.4
Trading Update – Expects FY to be In-line.
Now over my usual Market Cap limit (£500m) this remains on my Avoid list. It was on there for this reason “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” – I will now cease coverage.
