PPHE’s FY19 results were in line with our expectations, with RevPAR outperformance in most markets in which it competes. FY20 looks a more challenging year due to the threats to travel from the outbreak of the coronavirus, as well as tough comparatives. The company has a history of outperforming its peers in good and tough markets and has the benefit of maturing room stock in key markets. In the long term, the development pipeline continues to look promising. We downgrade our EBITDA for
12 Mar 2020
PPHE Hotel Group - Elevated discount to NAV
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PPHE Hotel Group - Elevated discount to NAV
PPHE Hotel Group Limited (PPH:LON) | 1,422 0 0.0% | Mkt Cap: 598.4m
- Published:
12 Mar 2020 -
Author:
Russell Pointon -
Pages:
12
PPHE’s FY19 results were in line with our expectations, with RevPAR outperformance in most markets in which it competes. FY20 looks a more challenging year due to the threats to travel from the outbreak of the coronavirus, as well as tough comparatives. The company has a history of outperforming its peers in good and tough markets and has the benefit of maturing room stock in key markets. In the long term, the development pipeline continues to look promising. We downgrade our EBITDA for