Leisure, Tourism & Travel

Leisure, Tourism & Travel equity research

Explore the most viewed and latest equity research and media content for companies within the Leisure, Tourism & Travel sector. Companies that operate in this sector provide goods and services related to: airlines, gambling, hotels, tourism, leisure & entertainment.

Leisure, Tourism & Travel

Explore the latest equity research and media content for companies within the Leisure, Tourism & Travel sector. Companies that operate in this sector provide goods and services related to airlines, gambling, hotels, tourism, leisure & entertainment.

17 Jan 19

Small Cap Feast

Companies: ORCP IOF FOX TEG XLM TAP FST SNG ARE SRB

17 Jan 19

Cenkos: Arena Events Group Plc - FY18E Trading Update

Arena announced a trading update for the year ended 31 December 2018, which saw a strong performance in the US and Middle East offset by operational issues in the UK Structures & Scaffolding business. These appear to be the result of ‘overtrading' (revenue beat expectations, but costs incurred materially increased), leading us to lower our FY18E Adj EBITDA estimates. We see this as a one-off issue, which management is taking steps to address (new regional management team). Trading on a FY19E EV/Adj EBITDA of 6.9x, we continue to see significant value in the shares. Buy

Companies: Arena Events

17 Jan 19

Solid Q4 results despite tough comparatives

GVC released a robust set of Q4 results, marked by continued momentum in the online business (NGR +15%) driven by both sports and gaming brands, more than offsetting the softer results in the EU and UK retail divisions, which were both down by a single-digit. The group guided for a FY18 EBITDA of £750-55m, above our expectations and above Bloomberg’s £739m consensus.

Companies: GVC

11 Jan 19

THE MONTHLY January 2019

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2018 was a difficult year; however, the index still outperformed its comparative London indices, falling 10.0% to 393.2, compared with -13.0% and - 18.2% for the Allshare index and the AIM index, respectively. Furthermore, several (17) companies in our index increased their capital base – 15 of our 50 constituents raised new funds, two issued shares as part consideration for acquisitions, and two had share buybacks – all factors that influence the performance of the index. Even allowing for both capital increases and share buybacks, the 12.5% fall in the index still represented a modest outperformance compared with the decline in the Allshare index. With active industry consolidation, shareholder returns remain attractive.

Companies: OPM AVO AGY APH ARBB AVCT BUR CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA PHP REDX SCE SIXH TRX TON VAL VTA

17 Jan 19

4Q18 trading update

Strong 4Q18 KPI’s from GVC, despite tough YoY comps, due to run of results favouring bookies in 4Q17. Sports brands NGR +15% in cc, despite GW margin -150bps, Games brands +18% in cc, Europe retail -8% in cc, GW margin in Europe -360bps, however FY18 +11% YoY. UK retail -3% in cc and -3% for FY18 inline with expectations. Overall group NGR +6% YoY in cc and +9% for FY18. Management confirms FY18 EBITDA at £750m-£755m, inline with our expectations at £750m which is at top end of consensus.

Companies: GVC

15 Jan 19

Share & share alike

It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to date. In Share News & Views we comment on Bloomsbury, DeepMatter*, James Fisher and Helios*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

15 Jan 19

LIBERUM: Elegant Hotels* - FY18 in line, with confidence in FY19E prospects

FY18 results show that management has delivered a solid performance for the year-ended Sep 2018. The market and the Group’s performance stabilised in H1'18 and delivered on a strong pipeline of bookings in H2.

Companies: Elegant Hotels Group

23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

15 Jan 19

On track, current NAV of 153p

Elegant has announced FY 2018 results that show good progress vs. last year and are within 3% of our forecasts at the adjusted EBITDA level, and ahead at the adjusted EPS level albeit due to lower tax. The Group is trading in line with expectations in FY 2019 with over 60% revenue visibility for 2019E. We increase our adj. EPS forecast by 12% and 13% in FY19 E and FY20E which is largely driven by changes to corporate tax rates in Barbados. We continue to believe the shares offer strong value.

Companies: Elegant Hotels Group

22 Jan 19

Reassuring Q1 figures despite the drone disruption at London Gatwick

Q1 revenue was up 13.7% yoy to £1.3bn, broadly in line with the company’s initial expectations. The figures were mainly supported by the solid passenger numbers and growing ancillary revenue, despite the cancelled flights and lost revenue resulting from the drone issue at London Gatwick (c.£15m impact). However, the non-repetition of one-off benefits (bankruptcies of Air Berlin/Monarch, Ryanair/SNCF cancellations) in the prior year, along with the Berlin-Tegel Airport still in the early stage of optimisation, have together brought the total revenue per seat down by 4.2% at constant currency, which is in line with the company’s expectations (the company had expected revenue per seat to decrease by a low-to-mid single-digit in H1 19). EasyJet continues to be very active in preparing for Brexit. The company now has 130 aircraft registered in Austria and has increased its EU ownership to around 49% to mitigate the Brexit concern. Outlook updated: • EasyJet expects FY 19 capacity to increase by c.10% and sees H1 19 growth of c. 15%. • Revenue per seat at constant currency for H1 19 is expected to be down by a mid-to-high single-digit.

Companies: easyJet

27 Jun 18

Two perfect strikes

Bowling, alongside low-cost gyms, is the strongest sub-sector of Leisure at present. Its fortunes have been revived over the last 5 years through product diversification, investment and a more family focused offering which is resonating with consumers seeking value and experiential treats. The sector is well established accounting for 3% of the family leisure market. We are attracted by its positive growth dynamics and minimal exposure to rising costs. We explore 6 themes in this note and initiate coverage on Hollywood Bowl (Buy; 250p 12m TP) and Ten Entertainment (Buy; 315p 12m TP), albeit with current year EPS forecasts 4% below consensus, reflecting recent prolonged hot weather concerns. On a 1-3 year view both have plenty of scope to further enhance shareholder value through self-help and site expansion.

Companies: Hollywood Bowl Ten Entertainment Group

19 Jul 18

Cenkos: Everyman Media Group Plc - Roll out continues to resonate

This morning Everyman Media Group released an interim trading statement covering 27 weeks to 5 July 2018.

Companies: Everyman Media Group

20 Sep 18

AIM MARKET UPDATE June, July, August 2018

AIM showed no signs of a summer slowdown with three strong months with regards to total funds raised (new and further issues). June, July and August averaged over £700m per month, boosted by a particularly strong June which delivered 14 IPOs (historically AIM has 5-6 new joiners per month). Through the end of August 2018, the total amount raised (new and further issues) of £4.80bn is +15% on the same period in 2017 which itself was the best year since 2007.

Companies: CDM LOOP YEW BLOE AQX SAE ANX TGP INX CBOX MIND KGH RAI TGL YCA IMMO DGOC NUC OVB TWD CNIC

10 Jan 19

LIBERUM: GAN plc* - Material contract extension with Paddy Power Betfair plc

GAN has signed a material extension to their long-standing partnership with PPB, providing the platform for their US business FanDuel to rapidly deploy Internet casino and sports betting in Pennsylvania and Internet sports betting in West Virginia. The contract, covering a population of c15m people, delivers an initial cash payment and material revenue this year, 5 years of revenue share and the potential for FanDuel to take GAN into further US States as they regulate.

Companies: GAN Plc

17 Jan 19

LIBERUM: DP Eurasia* - A very strong update; an imminent catalyst that could lead to a 65% upgrade to future earnings

Strong LFL sales and openings ahead of expectations underpin a very strong update for FY’18. Russia has seen store expansion well ahead of expectations and this is franchise driven which provides confidence for the long-term targets.

Companies: DP Eurasia

09 Oct 18

Arena Events Group plc Investor Overview

28 Nov 18

Ten Lifestyle Group Trading Update

07 Dec 17

Capital Network's Ed Stacey on Stride Gaming PLC

18 Sep 18

DP Poland - H1 2018 results

03 Nov 16

Executive Interview - bet-at-home.com (Deutsch)

19 Jul 18

DP Poland - H1 2018 Trading Update

13 Dec 18

DP Poland - Corporate update

01 Jul 18

Ten Lifestyle Group (TENG) Investor presentation at Mello South June 2018

16 Sep 15

Executive Interview - Tourism Holdings

15 May 18

Interim Results Update for 6 months to 28th February 2018

12 Dec 18

DP Poland - Trading update

27 Mar 18

DP Poland - Full Year results for the year to 31 December 2017

10 Dec 18

Executive interview – Bet-at-home

21 Feb 18

Veltyco Group (VLTY) ShareSoc presentation February 2018

16 Apr 18

Executive interview - PPHE Hotel Group

Latest Content

easyJet

Reassuring Q1 figures despite the drone disruption at London Gatwick

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22 Jan 19
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William Hill

Trading update

EBITA for FY18 expected to be c. £234m, -15% YoY, and in line with expectations (guidance £225m - £245m). Online delivered a good performance, growth in the US was excellent where the US business was broadly at break-even and retail reduced YoY (no YoY revenue performance metrics released). Cash offer for MR Green (MRG) for 92% of shares completed today, and offer for remaining 8% extended to 31 Jan, though all conditions for acquisition were met.

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21 Jan 19
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MGR ESL BONH KOD SWG CCT IRON LOOP EMAN

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb