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.

13 Sep 18

Strong current trading, M&A not over yet

GVC released a positive set of H1 results, marked by the strong performance of both EU Retail and Online (sports and gaming). The group’s underlying EBITDA was up 11%, broadly in line with our estimates while the current trading remains strong. The group’s appetite for further bolt-on acquisitions – similar to that of CrystalBet in Georgia – seems intact. Todays’ results confirm that GVC remains one of our top picks in the gambling sector, along with Paddy Power-Betfair.

Companies: GVC

13 Sep 18

Solid 1H18, current trading strong

A Solid 1H18 from GVC, Football WC18 helped boost margins & volumes. 1H18 Online NGR +20% YoY (led by sports +21%, gaming +19%), resulting in market share gains in key territories. UK retail NGR -3% as reported in previous trading update, Europe retail continues double digit growth NGR +26% (Italy strong). 1H18 proforma group NGR +8% YoY to £1.7bn and proforma EBITDA +11% to £350m; interim divi of 16p (+10%), ex-div 20 September. Further £30m of Capex synergies identified in addition to £130m. 3Q18 update due in October.

Companies: GVC

19 Sep 18

Cenkos: Arena Events Group Plc - Delivering Eventful Performance

Arena has announced its H1/18A results with revenue growing 23% YoY to £54.9m and adjusted EBITDA expanding 52% YoY to £3.5m. We leave our trading forecasts unchanged. The company has successfully delivered on, and won new contracts while making six acquisitions since the beginning of the year. Management continue to successfully expand the business geographically and increase its product offering, which in turn leverages scale into heightened profitability. We believe Arena to potentially offer investors incrementally increasing returns on capital through margin enhancement and asset utilisation. The stock trades on an undemanding FY19E PER of 11.5x with the expectation of c28% YoY growth in adjusted EBITDA over the period.

Companies: Arena Events

20 Sep 18

LIBERUM: The City Pub Group* - Building confidence, developing locals

City Pubs continues to invest in new sites and staff to deliver a 25% increase in Adj EBITDA in 1H18. The number of trading sites has already surpassed plan with 42 open and four in development with the expectation of reaching 50 by mid-2019.

Companies: City Pub Group

21 Aug 18

Off to the races as NFL season draws closer

The US sports betting market has the potential to be significantly large. However, lack of federal level legislation, sluggish state by state legislative processes, and other limiting factors will cause a likely drag on the sport betting market’s full potential. The American Gaming Association estimates at least $150bn is wagered annually with offshore books, which implies a $10bn - $12bn revenue market. We estimate, onshore online sports revenue in 4 - 5 years of $6bn (table 6, p14) should be achievable across 25 States where Daily Fantasy Sports is legal in 22 states, if we include California, implies a market as large as $7.5bn in revenue. UK listed operators not necessarily only winners as US operators, Stockholm listed and some private companies make early inroads. Sports betting live in New Jersey, Mississippi, Delaware and Nevada, with West Virginia and Pennsylvania expected to follow soon.

Companies: GVC WMH PPB PTEC SPO 888 GAN NKTN KAMBI GIG SGMS IGT

19 Sep 18

Cenkos: Comptoir Group Plc - Uniquely Resilient

Comptoir has announced its FY18E interims results with revenue growing 19.8% YoY to £15.7m, and adjusted EBITDA increasing 152% YoY to £0.5m. In a challenging environment Comptoir has managed to deliver expanding margins, even as it has scaled. With a strong financial position, management continues to prudently add sites and franchised operations. Full-year performance is guided in-line with expectations. Comptoir trades on a FY18E EV/adjusted EBITDA of 4.9x, which we believe offers investors value to a quality niche operator. Buy.

Companies: Comptoir Group

18 Jul 18

Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL GOR GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA PKG CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG SIV TRAK TRI VTC ZTF

20 Jun 18

Cenkos: Leisure Sector -- Suspend coverage

Due to a change in sector focus Cenkos Securities plc has suspended coverage of the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon. Please contact Cenkos for further information.

Companies: TUI CCL CPG DOM GNK IHG JDW JE/ MARS MERL MAB PPB PTEC RTN SSPG TCG WTB WMH

18 Jul 18

Football WC18 boosts margins & volumes

Positive 1H18 update from GVC, where the Football WC18 has helped boost margins & volumes, particularly online, we estimate c. £23m boost to online NGR in 1H18. 1H18 Online NGR +20% YoY in cc, UK retail improved in 2Q18 and 1H18 NGR -3% YoY (1Q18 was - 5% due to weather), Europe retail continues double digit growth NGR +26% YoY in cc. Total group NGR was +8% YoY in cc. Should see benefits from WC18 in 3Q18 (latter stages of tournament). Interims due 13 September with 3Q update.

Companies: GVC

15 Aug 18

Cenkos: Arena Events Group Plc - Successful Placing for Acquisitions

Arena Events Group plc has conditionally raised £20m via a placing, subject to shareholder approval, to facilitate making two material acquisitions, one in the West Coast USA and the other in the Middle East. Both acquisitions are expected to be earnings enhancing this year and in future years. We assess Arena to offer investors access to growth at an affordable valuation. We upgrade our forecasts and reiterate our Buy recommendation.

Companies: Arena Events

31 Aug 18

Shares off 18% since interims

We note the recent weakness in the company’s share price, which is down 18% since the interim results and now at the lowest point since December 2016 when the shares were recovering from a c.30% downgrade to forecasts as the company faced a variety of trading headwinds post Brexit. In our view, the market is beginning to stabilise and the current share price, which is significantly below the recently mooted bid price of 110p and at a large discount to the sector, represents significant value. In our view, trading patterns are now beginning to stabilise and we believe the shares offer good long-term value at this level given the NAV of 147p per share (GBP:USD of 1.35), attractive yield of 5.7% and undemanding multiples at a significant discount (c.50%) to the sector. We expect a trading update from the company in the first week of October.

Companies: Elegant Hotels Group

13 Sep 16

AIM Journal - September 2016

This year’s AIM Awards shortlist has been published and the winner of the company of the year will be a new one in 2016. Last year, vet practices consolidator CVS took home the award. The 2016 shortlist consists of spirit mixers supplier Fevertree Drinks, software and consultancy services provider First Derivatives, document storage services provider Restore, and replacement windows supplier Safestyle UK. Safestyle and Fevertree have won the best newcomer award in the past two years and that can be an indication that they have a good chance of winning other awards that they are put up for. Fevertree is also on the shortlist of the new award for AIM growth business of the year and Charles Rolls and Tim Warrillow are in the running for entrepreneur of the year. Restore is on the shortlist for the best use of AIM award. The shortlist for the best investor communication award, which is sponsored by Northland Capital Partners, includes gemstone supplier Gemfields, university generated businesses funder and developer Imperial Innovations, animal feed, food distribution and fuel supply company NWF, and infrastructure services provider WYG. Imperial Innovations is the 2015 winner of this award and NWF was the winner in 2011. India-focused power generator OPG Power Ventures and construction equipment manufacturer Somero Enterprises Inc have both returned to the shortlist for the international company of the year. They are joined by Fyffes and Burford Capital.

Companies: GVC SHRE MIDW CHH NASA TAP WJG MARL EDL

15 Mar 17

On the Beach - Sunny Times Forecasted

On the Beach is a leading online retailer of ‘mainstream’ short-haul beach holidays, primarily targeting customers in the United Kingdom under the "On the Beach" brand. It currently has a market share of the UK online short-haul beach holiday market of approximately 19per cent, with its two largest competitors being TUI Travel and Thomas Cook.

Companies: On The Beach Group

02 Aug 17

Ten out of ten

Listed in April 2017 with a reorganized corporate structure, and led by a high-calibre operating team, Ten Entertainment Group (TEG) has developed a highly cash-generative business model that signals further growth prospects. By combining its operating formula with an integrated technology platform, TEG has set itself apart from competitors. With effective inward capital investment and its ‘Tenpinisation’ model, growth looks set to continue, and forecasts indicate a substantial increase in profit in FY17 and FY18.

Companies: Ten Entertainment Group

04 Dec 17

LIBERUM: Elegant Hotels* - Bid approach indicates just how under-valued the group is

The proposed bid that was reported in the press this weekend was at a rumoured £100m. On our calculations this puts the offer at a discount to NAV and our NAV is very prudent indeed.

Companies: Elegant Hotels Group

03 Nov 16

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

18 Sep 18

DP Poland - H1 2018 results

09 Dec 15

easyHotel plc - Results for the year ended 30 September 2015

04 May 18

DP Poland - Trading Update

15 May 18

Interim Results Update for 6 months to 28th February 2018

16 Apr 18

Executive interview - PPHE Hotel Group

29 Nov 17

Ten Lifestyle Group - Investor Overview

27 Mar 18

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

09 Mar 17

Capital Network's Ed Birkin on Goals Soccer

29 Jan 18

DP Poland - Trading Update

02 May 16

Bitesize Briefings - GVC Holdings

17 Nov 17

Celebrating Domino's Pizza's 50th store in Poland

15 Oct 15

Nektan - Analyst interview, Zeus Capital

01 Nov 17

Greenland Gas & Oil - Update from 121 Oil and Gas, London

19 Jul 18

DP Poland - H1 2018 Trading Update

Latest Content

GVC

GVC Holdings - Strong growth amid integration

GVC has announced a strong set of H118 results, with pro-forma net gaming revenues (NGR) increasing 8% to £1,717m, driven by an impressive 18% growth in Online. The integration of Ladbrokes Coral is on track, with an additional £30m capex synergies identified. GVC is now a leading player in the global gaming market and is well placed to continue gaining share across all its key territories. M&A are likely to remain a feature and there is significant potential upside from the US, which is not in our estimates. The stock trades appropriately towards the top of its peer group, at 10.3x EV/EBITDA and 13.5x P/E for 2018e.

View

20 Sep 18
-
-

City Pub Group

LIBERUM: The City Pub Group* - Building confidence, developing locals

View

20 Sep 18
-
-

Comptoir Group

Cenkos: Comptoir Group Plc - Uniquely Resilient

View

19 Sep 18
-
-

Arena Events

Cenkos: Arena Events Group Plc - Delivering Eventful Performance

View

19 Sep 18
-
-

DP Poland

DP Poland - H1 2018 results

View

18 Sep 18

SEEAPCBMSCRPRPCFSNXTCNFA/AORDMTRLSAIOPMESCK3CEUSPSBIZFDMGMDRBGW7LGETBMGPWATRGVC

GVC

Solid 1H18, current trading strong

View

13 Sep 18
-
-

GVC

Strong current trading, M&A not over yet

View

13 Sep 18
-
-

AMS DNLM FDL GOAL MGP RENE TEG

Morning Song

Advanced Medical Solutions (AMS LN) Interims mixed | Dunelm Group (DNLM LN) Positive strategic update and multi-channel progress report | Findel (FDL LN) Positive take-aways from Xmas press show | Goals Soccer Centres (GOAL LN) Overcoming H1 setbacks to start H2 strongly | Medica Group (MGP LN) Buying opportunity in structural growth market leader | ReNeuron Group (RENE LN) AGM update highlights development progress & licensing discussions | Ten Entertainment Group (TEG LN) Resilient H1 with positive current trading news

View

12 Sep 18
-
-

OPAP

Strong EBITDA growth in Q2, as expected

OPAP reported a set of Q2 results which were broadly in line with our expectations. As expected, the business benefited from the contribution of the group’s new VLTs, which have helped to fuel a c.12% increase in recurring EBITDA. The board proposed a €0.10 interim dividend, in line with last year’s policy.

View