Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INTERCONTINENTAL HOTELS GROU. We currently have 15 research reports from 3 professional analysts.
|05Jan17 11:00||RNS||Director/PDMR Shareholding|
|03Jan17 02:01||RNS||Total Voting Rights|
|22Dec16 10:00||RNS||Holding(s) in Company|
|16Dec16 10:05||RNS||Holding(s) in Company|
|02Dec16 11:00||RNS||Director/PDMR Shareholding|
|01Dec16 02:00||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
INTERCONTINENTAL HOTELS GROU
INTERCONTINENTAL HOTELS GROU
Still a slow-growing RevPAR
26 Oct 16
IHG published 1.3% RevPAR growth lfl in Q3 after +1.5% in Q1 and +2% in Q2. The Americas (which accounted for 58% of sales in 2015) continued with the trend with 1.9% RevPAR growth penalised by IHG’s exposure to oil markets. In this context, the group continues to invest in its Loyalty Programme (“Your Rate”) and in its network with 19,000 rooms added to its pipeline (230,000 rooms, 14% share of the global industry pipeline).
Panmure Morning Note 21-10-2016
21 Oct 16
IHG has reported its Q3 trading update showing slowing global RevPAR growth of +1.3% in the quarter. This is a slowdown from 2.5% in 2Q and +4.8% last year. Net system size grew 3.8% (versus 4.3% last year or 2.7% ex Kimpton). We do not expect to make changes to our forecasts ahead of the conference call this morning with the acceleration in room growth compensating for RevPAR slowdown. While the ‘fee-based’ business model makes IHG less operationally geared than other asset heavy hotel companies, the medium term outlook for the industry is deteriorating, with consumer confidence and security concerns weighing on corporate/leisure travel spending. As such, we struggle to see any upcoming catalysts (absent a bid or further $/£ movement) for further share price appreciation. With the stock trading on 2016E PE of 21.2x and EV/EBITDA of 12.5x we rate the stock HOLD.
A solid H1 performance
04 Aug 16
In H1 16, IHG posted a 2% rise in RevPAR lfl (vs 1.5% in Q1 15), still impacted by oil markets in the US (RevPAR -6.3% in Q2 16 in this market) and weakness in Paris (RevPAR-19.5%), the Middle East (RevPAR -8%) and Hong Kong and Macau (RevPAR -5% and -12% respectively). Prices were up by 1.4% (+1% in Q1 16) and occupancy by 0.4pts at a high level for example in US (70%). Underlying operating profit rose by 10% with a great performance in the Americas (profit +6% and operating margin at 63.9% vs 62.6% in Q1 15) thanks to savings in US healthcare costs and the favourable phasing of franchise costs, which offset the reduction in the other regions.
03 Aug 16
London equities will be today positioning themselves ahead of tomorrow’s declarations from the Bank of England. Traders expect it to cut interest rates for the first time since the financial crisis, while also lowering its UK growth forecasts by the biggest margin on record in response to the uncertainty caused by the Brexit vote. The MPC held off making a decision in the immediate post-vote period in order to collect more economic data and gauge international response, but Governor Mark Carney’s subsequent cautions suggest this year’s growth forecast could be cut from the 2.3% predicted in May’s inflation report to a figure as low as just 1%. A Reuters poll suggests City expectations broadly anticipate a 25bp cut, lowering the base rate from 0.5% where it has remained since March 2009. By contrast, expectations of a rate hike in the US, probably of a similar amount, are now increasingly anticipated, with the Fed’s Dennis Lockhart pointing in this direction during a CNBC interview yesterday which, along with oil prices reaching a fresh 3-month low ahead of the release of weekly inventory data, helped drag all principal indices into the red, with the NASDAQ finally succumbing to profit taking after recent gains. A cloud also remained over Asian equities, with investors becoming pessimistic following release of Japan’s stimulus package details in which the cabinet approved, as leaked by the Wall Street Journal, just Y7.5tr in new spending. Considered inadequate to stimulate its tired economy, the Yen strengthened as the Nikkei fell back and dragged the Hang Seng, which was also responding to Markit reports of slower expansion in China’s service sector during July, with it while the ASX remained unwilling to celebrate yesterday’s interest rate cut in Australia focussing instead on low activity levels and prices across its minerals-dominated sectors. Today expect Service Sector PMI data from the UK along with Eurozone retail activity, followed by Services PMI, unemployment and weekly petroleum status data from the US. Amongst UK corporates, expect half-year results from Aggreko (AGK.L), HSBC (HSBA.L), Moneysupermarket (MONY.L), Next (NXT.L)and Standard Chartered (STAN.L), along with monthly traffic stats from Ryanair (RYA.L). The FTSE 100 is expected to open around 9 points firmer in early trade .
Interim results; small beat and confident outlook
02 Aug 16
Revenues $838m (consensus $859m) with adjusted op profit of $345m (consensus $337m) to give EPS of 89.4c and DPS of 30.0c. RevPAR improved in Q2 to 2.5% (from 1.5% in Q1) smoothing out the Easter distortion. However, some markets are seeing subdued trading, particularly in oil related US markets, Middle East, London and Paris. 3.6% net new room growth with 17k openings (+8.0% YoY) is strong. Regionally Americas saw RevPAR growth of 2.4% (rate driven), Europe RevPAR 2.0%, within which London and Paris remain weak. AMEA RevPAR -0.4% with weakness in Middle East mitigating strong trading elsewhere. Overall Group fee margin was 48.6%, an improvement of 2.9%pts helped by cost phase and scale benefits with tight control of overheads. We do not anticipate making any significant changes to forecasts at this stage. With the stock trading on 2016E PE of 21.0x and EV/EBITDA of 12.5x we rate the stock HOLD.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)