PPHE continues to please with a “good”, currency-boosted Q3 performance (rate-led RevPAR +13%) in line with August’s significant full-year profit upgrade. No less encouraging is management's confidence about Q4 as this is a key period and was particularly strong in 2014, while next year’s openings (c 1,000 rooms) are on track. Asset considerations apart (NAV of €8.36 per share at June excludes likely material ‘fair value’ boost), the 2015e EV/EBITDA is low (9.3x) against an average of 11.4x for branded European peers.
