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|27/10/2016 07:00:09||London Stock Exchange||Transaction in Own Shares|
|26/10/2016 07:00:05||London Stock Exchange||Transaction in Own Shares|
|25/10/2016 11:06:08||London Stock Exchange||Holding(s) in Company|
|25/10/2016 07:00:05||London Stock Exchange||Transaction in Own Shares|
|24/10/2016 12:08:42||London Stock Exchange||Holding(s) in Company|
|24/10/2016 08:29:03||London Stock Exchange||Tender Offer and Proposed New Bond Issue|
|24/10/2016 07:00:07||London Stock Exchange||Transaction in Own Shares|
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Providers covering ENTERPRISE INNS PLC
The Third Space
15 Sep 16
The sector has de-rated 24% over the last 18 months as fluctuating LFL trends and oversupply concerns have been compounded by wider economic and political worries. Having examined the underlying trends in depth, we remain confident that industry growth will be sustained driven by: 1) rising population; 2) rising wealth and; 3) our social need for a ‘third space’. However shifting consumer preferences continue to accelerate refresh cycles which, combined with inflationary headwinds, create operational challenges for the less fleet of foot. Hence we place more emphasis on management track record and ‘self-help’ in assessing each company’s ability to remain the ‘third space’ of choice to defend top line growth, mitigate cost inflation and drive continued shareholder returns.
Interims in line, strategic plan on track
17 May 16
The Interim results show solid performance with tangible progress made towards the strategic plan with all targets in sight. LFL is up, business failures down and planned disposals are progressing well. The second half has started ‘broadly in line’ and holds some uncertainty with Euro 2016 in June/July perhaps offset by the uncertainty around the implementation of the new Pubs code. With the stock trading on 9.3x EV/EBITDA and PE of 4.7x – this is a highly geared (8.0x Net debt/EBITDA) play on wet-led pubs – a sector that is seeing somewhat of resurgence from rising consumer confidence/spending, benign duty environment and craft beer movement- and on commercial property. However MRO implementation uncertainties and refinancing risks keep us at Hold.
Panmure Morning Note 23-03-2016
23 Mar 16
Like-for-like new income growth of 1.5% in the first half (the 11th quarter of successive growth) combined the £100m per annual debt reduction is encouraging and backs up our current forecasts. Additionally, yesterday’s Capital Markets Day – with presentations from across the business – demonstrated the clear progress on the company’s ambitious transformation strategy. And finally, the announced £25m share buyback is c5% accretion (we estimate). Risks remain with new MRO legislation coming into effect this year and significant £350m bond refinancing pre end of 2018, however the pieces are coming together.
Panmure Morning Note 11-02-16
11 Feb 16
Trading over the 19 Weeks to 6 February has been relatively solid with Like for like net income in the leased and tenanted estate +1.6%. Management also comment that the strategic transformation plan is on track to have more than 100 managed houses and 300 commercial properties by the end of September. The shares have fallen 34% YTD from 110p to 73p primarily on balance sheet (net debt/EBITDA 8.0x) and refinancing fears with £350m bond due for in 2018. We believe that this solid trading and confirmation that transformation is on track should reassure the market in the short term. Significant execution risk keeps up at Hold with a reduced target price of 100p (from 125p) with the stock trading on EV/EBITDA 9.4x and PE 3.8x.
Panmure Research - Enterprise Inns Flash 17-11-15
17 Nov 15
Selling underperforming assets into a buoyant property market and transitioning into a hybrid pub manager-tied-commercial property-company should unlock significant value in the long term. However debt levels are high and operational leverage is increasing at a time when supply and inflationary cost pressures are mounting. While these results demonstrate progress with improved trading, reduced business failures and steady transformation, 2016 sees the next stage in implementing the MRO, which could destabilise the tenanted business. We retain our Hold recommendation.
Panmure Morning Note 06-08-15
06 Aug 15
Selling underperforming assets into a buoyant property market and transitioning into a hybrid pub manager-tied-commercial property-company may well unlock significant value in the long term. However debt levels are high and operational leverage increasing at a time when supply and inflationary cost pressures are mounting. Results in line (LFL +.05%) but execution risk is high. Our estimates remain unchanged and we retain our Hold recommendation.
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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.
Time to grab a late season holiday bargain?
22 Sep 16
Dart Group’s AGM update contained two good news messages. Trading in the first half of the current year has continued to be strong and is ahead of our forecasts. Also, in addition to the new base at Birmingham Airport announced in July, the company revealed that it was opening a base at London Stansted, which would also start operations in spring 2017. The considerable costs of setting up these two bases falls in the current financial year and the company therefore guided that reported profits are likely to be slightly behind market expectations. We think that the market has misconstrued the reasons for the forecast downgrade, leading to unwarranted share price weakness, which provides an excellent buying opportunity.
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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28 Sep 16
In H1 2016, the Group reported a like-for-like revenue decline of 3.9%, which was its worst performance for over a decade. Although the Concessions and Pub divisions delivered a ‘good’ performance, problems have arisen in the Leisure division, most notably with Frankie & Benny’s, but also with some of the other brands prompting management changes and a strategic review of the business.