PPHE, the asset-backed, London-focused hotel operator, has announced its Q4 trading update, which confirms the strong trends at the interim results and Q3 update. We revised up with the interims, 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. The shares trade at a substantial discount to book value as adjusted for the real value of the assets.
26 Jan 2016
Q4 2015 Trading Update- Continuing to deliver
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Q4 2015 Trading Update- Continuing to deliver
PPHE Hotel Group Limited (PPH:LON) | 1,422 284.5 1.4% | Mkt Cap: 598.4m
- Published:
26 Jan 2016 -
Author:
Steve Clapham -
Pages:
5
PPHE, the asset-backed, London-focused hotel operator, has announced its Q4 trading update, which confirms the strong trends at the interim results and Q3 update. We revised up with the interims, 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. The shares trade at a substantial discount to book value as adjusted for the real value of the assets.