Although PPHE’s repeated ability to surprise is welcome, its announcement of a current year profit upgrade largely reflects postponed refurbishments and FX gain. We are however impressed by “strong” trading in Continental Europe as well as resilience in London, its major profit source, despite market slowdown. Ahead of interim results on 27 August, we are raising our forecast of 2015 EBITDA (our key metric) by €7.5m. Management’s increased margin confidence in the
13 Aug 2015
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PPHE Hotel Group Limited (PPH:LON) | 1,405 0 0.0% | Mkt Cap: 591.0m
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13 Aug 2015 - Author:
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Although PPHE’s repeated ability to surprise is welcome, its announcement of a current year profit upgrade largely reflects postponed refurbishments and FX gain. We are however impressed by “strong” trading in Continental Europe as well as resilience in London, its major profit source, despite market slowdown. Ahead of interim results on 27 August, we are raising our forecast of 2015 EBITDA (our key metric) by €7.5m. Management’s increased margin confidence in the