Research, Charts & Company Announcements
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|25/10/2016 15:05:17||London Stock Exchange||Holding(s) in Company|
|18/10/2016 07:00:11||London Stock Exchange||Director/PDMR Shareholding|
|17/10/2016 07:00:09||London Stock Exchange||Director/PDMR Shareholding|
|03/10/2016 09:20:13||London Stock Exchange||Total Voting Rights|
|21/09/2016 09:44:32||London Stock Exchange||Holding(s) in Company|
|20/09/2016 14:18:21||London Stock Exchange||Holding(s) in Company|
|19/09/2016 16:49:10||London Stock Exchange||Holding(s) in Company|
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Research reports on RESTAURANT GROUP PLC
Providers covering RESTAURANT GROUP PLC
N+1 Singer - Morning Song 05-10-2016
05 Oct 16
Summit is entering into an exclusive license and collaboration agreement with Sarepta for its utrophin modulation pipeline, including its lead DMD programme ezutromid, in Europe. This is very exciting and the most substantial event in Summit’s history. Summit will receive $40m upfront with potential ezutromid-related milestone payments totalling up to $522m plus royalties. We view the deal as highly value enhancing and look forward to the partnership progressing ezutromid to market.
N+1 Singer - Small-cap quantitative research - Consensus EPS falling…falling…falling…rising 3.0
05 Oct 16
At the end of April we re-ran our so-called “3 down then 1 up” screen. This selects companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 29 April 2016). We have reviewed the performance and, while not being quite as strong as the previous period, it was still well ahead of the market and the screen appears to have some signalling value. In the c.5 months since selection the weighted average rise was 18.4% against a 9.8% rise in the main All-Share index. So we have re-run the screen, which selected 41 companies from the universe of nearly 800 companies. We note a number of companies where we also have a supportive fundamental stance including Creston (CRE LN, Buy), Restaurant Group (RTN LN, Buy), Senior (SNR LN, Buy), Sinclair Pharma (SPH LN, Buy) and (to a lesser extent) Speedy Hire (SDY LN, Hold).
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.
N+1 Singer - Restaurant Group - Serving up stability and delivering shareholder value
26 Sep 16
We are upgrading from Hold to Buy and lifting our 12m TP from 280p to 480p. Restaurant Group has been a poor performer this year but we think the worst may be past. Recovery will take time but a new high calibre management team is a good starting point. As is Phase I of the strategic review from which we take comfort that most of the recent problems are self-inflicted than external. Notably, RTN’s woes are not unique and there is sector precedent of old established brands being turned around. RTN has the added attraction of not having to deploy higher capex to revive LFL’s and has balance sheet optionality to enhance shareholder value (possible exits from Concessions and Pubs). In the context of a potential turnaround the shares are not expensive on a FY17 P/E of 13x, c.4.5% dividend yield and 9% FCF yield.
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.
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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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