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26 Feb 2016

Jury is out on ongoing space race threat

Greggs plc (GRG:LON), 1,579 | A.G. BARR p.l.c. (BAG:LON), 687 | Cranswick plc (CWK:LON), 5,130 | Nichols plc (NICL:LON), 1,205 | Churchill China plc (CHH:LON), 430 | Goals Soccer Centres (GOAL:LON), 0 | CVS Group plc (CVSG:LON), 1,242 | Greene King (GNK:LON), 0 | Snoozebox (ZZZ:LON), 0 | Safestay Plc (SSTY:LON), 23.5 | Easyhotel (EZH:LON), 0 | Revel Collective PLC (TRC:LON), 0.2 | Conviviality (CVR:LON), 0 | Marston's PLC (MARS:LON), 38.3 | Domino's Pizza Group plc (DOM:LON), 196

- Sahill Shan
- 5 pages

We have low conviction of LFL’s outperforming expectations in 2016 and see scope for new unit growth trending lower over FY17-18. We expect competition in the casual dining market to remain intense in 2016 and no let up in supply growth. With the shares now trading close to our 12m TP, we upgrade from Sell to Hold.

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Jury is out on ongoing space race threat

Greggs plc (GRG:LON), 1,579 | A.G. BARR p.l.c. (BAG:LON), 687 | Cranswick plc (CWK:LON), 5,130 | Nichols plc (NICL:LON), 1,205 | Churchill China plc (CHH:LON), 430 | Goals Soccer Centres (GOAL:LON), 0 | CVS Group plc (CVSG:LON), 1,242 | Greene King (GNK:LON), 0 | Snoozebox (ZZZ:LON), 0 | Safestay Plc (SSTY:LON), 23.5 | Easyhotel (EZH:LON), 0 | Revel Collective PLC (TRC:LON), 0.2 | Conviviality (CVR:LON), 0 | Marston's PLC (MARS:LON), 38.3 | Domino's Pizza Group plc (DOM:LON), 196

Published: 26 Feb 2016
Author: Sahill Shan
Pages: 5

We have low conviction of LFL’s outperforming expectations in 2016 and see scope for new unit growth trending lower over FY17-18. We expect competition in the casual dining market to remain intense in 2016 and no let up in supply growth. With the shares now trading close to our 12m TP, we upgrade from Sell to Hold.

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