Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PPHE HOTEL GROUP LTD. We currently have 64 research reports from 3 professional analysts.
|22Mar17 08:00||RNS||PPHE - Publication of Arenaturist's Annual Report|
|28Feb17 11:55||RNS||Audited Annual Results - year ended 31 Dec 2016|
|17Feb17 08:00||RNS||Notice of General Assembly|
|30Jan17 07:00||RNS||Trading Update|
|23Dec16 13:36||RNS||Approval of Capital Contribution|
|21Dec16 13:03||RNS||Transfer of Assets|
|09Dec16 08:00||RNS||Acquisition of freehold of two hotels in Germany|
Frequency of research reports
Research reports on
PPHE HOTEL GROUP LTD
PPHE HOTEL GROUP LTD
10 Mar 17
We have run our new quantitative Slide Rule over the Support Services sector. Of the c.500 stocks we have ranked on a Quality, Value, Growth and Momentum basis in the small to mid-cap space, 21 Support Services stocks appear in the top 100. Fulcrum leads the pack, ranked no. 6 out of 500 (and not coincidentally our top pick for the year), closely followed by Brainjuicer (no.7), Sanne (no.8), Learning Technologies (no. 12) and Next Fifteen (no.16). These stocks have high ROCE on both an EBIT and cash basis, strong growth prospects, earnings and share price momentum and valuations that, in this context, remain attractive. At the other end of the spectrum, HSS, Management Consulting, Serco, Mitie and Lakehouse appear towards the bottom of the rankings. Strong returns could, of course, be made if any of these turn their fortunes around, and management has been changed at Lakehouse, Serco and Mitie.
Up for the challenge
09 Mar 17
PPHE has delivered on a confident post-close update with 2016 EBITDA well above expectations. H2 recovery in London despite headwinds and sustained buoyancy in newly consolidated Croatia made up for H1 disappointment, which is all the more encouraging as these are likely to be the company’s medium-term profit drivers. Valuation is low in terms of EV/EBITDA and at a glaring discount to real asset value (‘fair value’ adjustment of c 1,000p/share to reported 782p NAV will only increase on inclusion of new high-value estate).
Value creation evidenced by 16% dividend yield in 2016
07 Mar 17
PPHE is putting in place the building blocks for it’s next phase of growth with new London hotels and its Central and Eastern European business looking to raise equity locally for expansion. This will protect the group’s ability to continue to pay attractive dividends at the same time as extending its growth potential. Dividends totalled 121p in FY 2016 (100p special and 21p on-going), a yield of 16%, emphasising the success of the strategy at creating value and strength of the balance sheet. There is more to come.
2016 Final Results: Continuing to create value
07 Mar 17
PPHE’s 2016 final results surpassed our expectations with a pickup in the UK in the final quarter and a notable performance from the new Croatian subsidiary. Although the year has started well, with a continuation of recent trends, we have left our 2017 forecasts largely unchanged and made conservative assumptions for 2018, given further renovation programmes in London and The Netherlands over the next 18-24 months. The shares trade at a significant discount to book value as adjusted for the real value of the assets, and at a significant discount to peers on earnings-based measures, which is unwarranted.
Hardman & Co Monthly: March 2017
01 Mar 17
Most major pharmaceutical companies have reported results for 2016 during the last few weeks, providing the opportunity to update our industry statistics. For an industry that requires a long investment cycle, decisions made many years ago have consequences on current financial performance. Being able to look at performance over 20 years highlights how strategic decisions have panned out.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook
Driven by distribution
24 Mar 17
Following results earlier this month, we publish our new forecasts following the segmental consolidation of divisions, and remain cautious relative to consensus (c.2% below at the PBT level in FY18E) mainly due to our UK assumptions. We believe the valuation is relatively attractive, and Inchcape is well placed for further growth given the strength of its balance sheet as it seeks to further utilise its unique global market position.