PPHE, the asset-backed, London-focused hotel operator, has announced its Q3 trading update, which show a continuation of the strong trends at the interim results. We revised up then, and are maintaining our full year forecasts. The company looks indebted relative to income, but this reflects a major development pipeline in progress, where the assets have yet to contribute income, while the shares trade at a substantial discount to book value as adjusted for the real value of the assets.
06 Nov 2015
Q3 2015 Trading Update: Continuing to deliver
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Q3 2015 Trading Update: Continuing to deliver
PPHE Hotel Group Limited (PPH:LON) | 1,422 284.5 1.4% | Mkt Cap: 598.4m
- Published:
06 Nov 2015 -
Author:
Steve Clapham -
Pages:
6
PPHE, the asset-backed, London-focused hotel operator, has announced its Q3 trading update, which show a continuation of the strong trends at the interim results. We revised up then, and are maintaining our full year forecasts. The company looks indebted relative to income, but this reflects a major development pipeline in progress, where the assets have yet to contribute income, while the shares trade at a substantial discount to book value as adjusted for the real value of the assets.