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.

19 Jun 17

Support Group

In light of the UK election, we highlight our favoured overseas earners, operators in defensive markets and those capable of taking market share, but our main topic is the structure of the UK employment market. The UK has the lowest unemployment rate since 1975 at 4.6%, and there are, consequently, fewer and fewer candidates to fill vacancies. This suggests recruitment companies may struggle to grow, but there are structural changes in the UK labour force that offer growth opportunities. Temporary labour continues to expand relative to the point in the economic cycle, its importance accelerating since 2008, and part-time labour has grown at twice the rate of full-time labour throughout both the last cycle and over the long term. There are, of course, specialist temporary recruiters, but the part-time market appears relatively untapped (at least by the quoted companies) despite being c.5x the size of the temporary segment in terms of numbers.

Companies: FOUR ACL BOOT CLL CMS CNCT FCRM LOK PPH RNWH SVCA STAF UTW WATR

23 Jun 17

N+1 Singer - Marston's - Updated forecasts & view

We are doing some house keeping on Marston’s forecasts post recent interims and corporate activity. The latter was accretive but given consumer / cost headwinds we have adopted a more prudent view on underlying assumptions. Net, we lower our FY17/FY18 EPS by 3%-5% respectively to bring us in line with consensus. Sentiment towards the sector is currently at a low-ebb, reflecting consumer spend uncertainties, ongoing terrorist related media coverage, sterling weakness and mixed sector newsflow. Given a sub 9x P/E, 6% DPS yield and 12% FCF yield we feel most of the uncertainty is priced in and the shares are oversold. We see upside risk as management continue to deliver solid operational performances and investors start factoring in an improving leverage trend. In the interim a market leading 6% dividend yield is compelling and a strong support for the stock at the current depressed levels. We stay at Buy with a revised 12m TP of 140p (vs 150p). The next news is a 42 week trading update on the 26th July. The LFL comp is 2.5% vs our full year working assumption of 1%. Peer Greene King report finals next Thurs 29th and we are expecting a mixed tenor.

Companies: Marston's

08 Jun 17

N+1 Singer - Small-cap quantitative research - Value screen periodic refresh and 9 focus stocks

We have completed another refresh of the value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since the last refresh as of 8 November 2016, the day before the US presidential election result was known, the screen has performed strongly (outperforming the small-cap index by 12.9pp on a weighted basis) with our focus stocks doing even better. The indication is that smaller value stocks perform well in a steady “risk on” environment. The new basket contains many UK consumer demand and emerging market plays. We find the latter exposure interesting at this juncture.

Companies: RUS GOAL VTU BILN INL AEP MAYA IPF OPM

29 Jun 17

N+1 Singer - Greene King - In line finals & mixed outlook commentary

Finals this morning are bang in line with ours/consensus forecasts - so PBT +7% and EPS +1%. LFL’s in the Managed estate was +1.5% and +5% in Pub Partners. Spirit integration commentary is upbeat but no upward revision to cost saving guidance. Whilst there are no major surprises in the results we note expectation of a difficult trading environment persisting for a few years. This assessment is clearly stock/sector negative. Commentary on current trading as feared is mixed, albeit no LFL’s have been given. Overall, the tenor is pretty much as expected with no positive share price catalyst. The shares (-2% YTD) trade on a YR1 P/E of 9.5x with a 5% yield. Given an uncertain outlook and ongoing forecast risk, the rating looks about right for now. We stay at Hold.

Companies: Greene King

28 Apr 17

N+1 Singer - T3 Trend spotting - Strategy update

In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.

Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM FUM CLIN RENE ATQT SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP MYSL

05 Apr 17

Investment Rationale: (Technically-based recommendation)

This recommendation has been prompted by a positive assessment of the technical outlook for DPG’s share price. That said, there appear to be grounds for encouragement on the fundamental front too although signs of a slowdown in sales in the first few weeks of 2017, reflecting increased competition, have put pressure on the share price.

Companies: Domino'S Pizza Group

29 Jun 17

Panmure Morning Note 29-06-2017

GNK delivered an in-line FY17 outcome and self-help initiatives from cost efficiencies and brand conversions should see profits held stable in FY18. At sub-8x EV/EBITDA, and with a near 5% dividend yield, we continue to see value in the equity, albeit with no imminent catalyst and with some caution around the high exposure to the value end of the market. Presentation 9:30am.

Companies: Greene King

27 Mar 17

The Joy of Techs

Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.

Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO

05 May 17

A shore thing

We initiate with a 25p price target and a Buy recommendation. Fulham Shore is a highly investable opportunity with a strong pipeline of new openings, a differentiated product-led offering with an attractive pricing strategy, proven financial dynamics, a highly experienced management team and a number of incremental profit levers.

Companies: Fulham Shore

22 May 17

Downgrade to forecasts

EBITDA guidance below expectations leads us to reduce our FY17E and FY18E adj. EPS by 22% and 19% respectively and PT from 250p to 180p.

Companies: Revolution Bars Group

08 Jun 17

Prelims comfortably ahead, 6.5p special div

Adj. PBT of £1.5m is 7% ahead of our upgraded expectation and shows 43% y-o-y growth, driven principally through a meaningful improvement in both gross and operating margins. Cash generation meanwhile continued to be very strong with FCF/adj. PAT >100% for the fourth consecutive year. This meant a year-end cash position of £2.1m, of which £0.8m will be distributed to shareholders through an ordinary and special dividend of 1.4p and 6.5p respectively. We upgrade FY18E adj. PBT by 6% (suggesting 8% y-o-y growth) – conservative assumptions we believe, considering that BOTB plans to increase its marketing spend by c.70% to £2m, which if used as effectively as previous years, provides upside risk.

Companies: Best Of The Best

03 Apr 17

The Monthly

After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.

Companies: ABZA AVO AGY APH ARBB AVCT BUR COG CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP RE/ RGD REDX SCLP SPH TRX

02 Jun 17

The Monthly

Despite the calling of a General Election for June 8th, the FTSE-100 continues to perform strongly, partly on the back of Wall Street and encouraging corporate figures. Since the surprise Election was called on April 18th, the FTSE-100 has advanced by over 5%. There has been no sign of political nerves as is normally the case with opinion polls conveying mixed messages.

Companies: AVO AGY APH ARBB BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP SPH TRX TON

05 Apr 16

Value in Crete

The Presidential Decree (‘PD’) authorising Minoan’s major development in Crete outshines the group results for 2014/15 just published.

Companies: Minoan Group

14 Jun 17

N+1 Singer - Gym Group - In-line H1 trading update

No major surprises either way in the Gym Group H1 trading update this morning. Site expansion is on track vs guidance, commentary on the pipeline is reassuring and trading YTD is cited to be in line with the Boards expectations. There is no mention of any impact from a softening consumer spend environment which is reassuring. With no change to full year guidance we make no forecast changes at the juncture. There is a Capital Markets Day this afternoon which should give more insight into the business and the broader market. We note press speculation that peer Pure Gym is seeking a buyer post its failed IPO last year. We suspect under new ownership (PE or an international player), it is likely to reinvigorate its growth aspirations. This would play into our fears of the budget gym sector becoming saturated in parts of the UK. The shares currently trade on a premium P/E of 27x YR1 P/E falling to 24x. We feel this is a full valuation given no positive forecast momentum since IPO and our structural concerns around cannibalisation / rising competition posing mid-term returns risk. We maintain a cautious stance.

Companies: Gym Group

15 Jun 17

DP Poland - New commissary approaching completion

09 Jun 16

finnCap - Initiation of coverage, Revolution Bars

Premium

12 Sep 16

Safestay - Half Year Results 2016

09 Jun 16

finnCap - Initiation of coverage, Best of the Best

Premium

02 Jun 17

Capital Network's Ed Stacey on AFC Energy

29 Apr 16

Minerva Research Labs - ELITE at London Stock Exchange

09 Mar 17

Capital Network's Ed Birkin on Goals Soccer

30 Mar 16

PPHE Hotel Group Limited - Analyst interview, finnCap

Premium

20 Apr 17

DP Poland - Interview with latest sub-franchisee in Gdansk

21 Mar 16

DP Poland - Final results overview

27 Mar 17

DP Poland - Final Results 2016

10 Mar 16

PPHE Hotel Group Limited - Results for the year to 31 December 2015

22 Mar 17

Capital Network's Ed Birkin talks On the Beach

11 Feb 16

DP Poland - Store trading update for YE 2015

21 Sep 16

32RED - Record interim results

Latest Content

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N+1 Singer - Morning Song 29-06-2017

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29 Jun 17
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Greene King

N+1 Singer - Greene King - In line finals & mixed outlook commentary

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29 Jun 17
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Greene King

Panmure Morning Note 29-06-2017

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29 Jun 17
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WSG VNET ZIOC OPP MLVN CHRT AFC SPE HCM RENE

Small Cap Breakfast

AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Offer TBA. Expected mid July. | NEXUS Infrastructure—Offer TBA. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July. | GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. Raising £59m at 150p. Expected 30 June.| QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe |Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

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29 Jun 17
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VLTY AST AMP SRES CON

Northland Capital Partners Morning Report

VELTYCO GROUP (VLTY.L) | ASCENT RESOURCES (AST.L) | AMPHION INNOVATIONS (AMP.L) | SUNRISE RESOURCES (SRES.L) | CONNEMARA MINING COMPANY (CON.L)

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28 Jun 17
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AMC GEM KOD MNC PLS RMM TETH

SP Angel – Morning View

Amur Minerals* (AMC LN) – IKEN drilling results show 500m extension at >1% NiEq; mineralization remains open in both the dip and strike directions | Gemfields (GEM LN) – Pallinghurst declares its offer unconditional in all respects | Kodal Minerals* (KOD LN) – Promising initial metallurgical results from the Bougouni lithium project in Mali | Metminco* (MNC LN) – Disposal of balance of Los Calatos for A$6.7m | Pilbara Minerals - Australian government to invest $15m into Pilbara’s Pilgangoora lithium project in Western Australia | Rambler Metals (RMM LN) – Exploration update | Tethyan Resources* (TETH LN) – Tethyan appoint new non-exec Chairman following resignation of Chris Goss

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27 Jun 17
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Williams Grand Prix

The need for speed

Williams Grand Prix Holdings is a unique investment proposition. It allows ownership of a Formula One team alongside a high tech consultancy business. Management’s priorities are to challenge for race wins and grow a profitable advanced engineering business, but the potential for shareholder return is currently limited. The new owners of Formula One Group, Liberty Media, seem intent on changing the structure of the industry which could open up opportunities for longer-term value creation.