26 Feb 2016
A successful and differentiated consumer play
Churchill is a strong operating business offering an indirect play on the domestic and international secular growth of the hospitality/eating out market. The business is cyclical and in the near-term a FY16 P/E of 19x suggests the shares are broadly up with events. However, we see Churchill as a solid 8-10% EPS compounder with a progressive DPS policy.
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A successful and differentiated consumer play
Churchill China plc (CHH:LON) | 1,200 -120 (-0.8%) | Mkt Cap: 132.0m
- Published:
26 Feb 2016 -
Author:
Sahill Shan -
Pages:
5
Churchill is a strong operating business offering an indirect play on the domestic and international secular growth of the hospitality/eating out market. The business is cyclical and in the near-term a FY16 P/E of 19x suggests the shares are broadly up with events. However, we see Churchill as a solid 8-10% EPS compounder with a progressive DPS policy.