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|06/10/2016 09:03:50||London Stock Exchange||Director/PDMR Shareholding|
|29/09/2016 07:00:09||London Stock Exchange||Interim results for the six months to 31 July 2016|
|13/09/2016 09:00:03||London Stock Exchange||Notice of Results|
|12/09/2016 09:00:02||London Stock Exchange||Block Listing Six Monthly Return|
|08/09/2016 07:00:10||London Stock Exchange||Air Partner appoints Richard Jackson as NED|
|31/08/2016 15:00:00||PR Newswire||Air Partner expands New York office as it strengthens its US offering|
|31/08/2016 09:14:39||London Stock Exchange||Directors' share purchase and PDMR Notification|
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20 Oct 16
We adjust our forecasts following Lookers impending disposal of its parts division and subsequent re-investment in two premium dealer groups. The company has acquired Drayton for £55m which was conditional on the sale of the parts division and separately completed a further £27m acquisition of Knights. Management have deleveraged following the transaction with our 2017 net debt/EBITDA forecast now 0.3x and we estimate the company has over £100m of firepower available. We would back this management team to deploy this effectively, building long term value for investors.
Panmure Morning Note 25-09-2016
25 Oct 16
Whitbread released interim results a little ahead of expectations with Revenues £1,556m (PGe £1,548m), giving underlying PBT £307.0 (PGe £301.3) and EPS of 133.9p (PGe 130.9p) with interim dividend of 29.9p (PGe 28.6p) however the outlook statement is fairly cautious and we do not expect to adjust our estimates ahead of the call. LFL sales of 2.0% was an improvement from 1.8% in Q1 but is increasingly being driven by room extensions rather than RevPAR or Costa LFL - hence is likely to be a drag on returns. UK room target is being scaled back 3,700 (from 4,000-4,500) and there is ££43.3m exceptional items relating to Premier Inn’s withdrawal from some international markets. No change to our view and we retain Hold recommendation.
Disappointing expected slowdown in FY17 despite an impressive performance in FY16
20 Oct 16
The online fashion retailer posted a 26% surge on its FY16 revenues to reach £1,445m. Retail sales amounted £1,403m. Sales in the home market were up 27% to £603.8m. International sales edged up 25% to reach £799.9m, contributing 57% to total retail sales. A strong favourable momentum was experienced in the USA with a 50% sales’ rise (£179.2m), underpinned by a positive FX impact as the performance at constant rates was 40%. In Europe, retail sales amounted to £375m, i.e. a surge of 28%. In other regions, adverse FX moves slowed growth to a reported 9% while sales at constant rates edged up 14% to £245.8m boosted by positive momentum in Russia and Australia. The gross profit jumped 26% to £722.2m bringing the gross margin to 50% vs. 50.1% a year earlier. The retail gross margin slipped 30bp to 48.5%. The pre-tax profit before exceptional items edged up 37% to £63.7m. The net profit was down 33.7% to reach £24.4m, backed by a one-off exceptional legal settlement of £20.9m and the discontinued operations in China. The financial position remains strong with 45% increase on cash and cash equivalents to £173.3m, despite a surging capex to £79.2m vs. £50.4m in FY15. The expansion of the platform has led the active customer base to be enlarged by 25% and the average basket value increase by 3%. A slight slowdown is expected for FY17 with growth guidance of 20-25%.
Construction delays have limited impact on value
14 Sep 16
PPHE’s 2016 interim results disappointed the market, as construction delays will affect 2016 profitability. The key point for long term investors is that, although the loss of profits and cash flow is disappointing, the business outlook for 2017 and on is unaffected, while property values are above expectations. Our forecasts for 2016 and 2017 are reduced for this and other reasons. The shares trade at a significant discount to book value as adjusted for the real value of the assets, and this value will be further boosted when the new hotels open, and we expect the discount to narrow.
29 Sep 16
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