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.

21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

22 Aug 19

Cenkos: Rotala Plc - H1/19A Interim Results

Rotala has produced a robust set of Interim Results, with improved profitably YoY. We maintain our forecasts as trading remains in line with expectations. Trading on an FY19E P/E of 7.8x and offering a 4.8% prospective dividend yield, we feel the stock offers good value to investors. Buy.

Companies: Rotala

11 Oct 19

Positive Trading Update

Dart Group has released a positive trading update indicating booking trends have continued to strengthen, boosted by later season bookings, and that the Board believes market expectations for FY20 PBT will be exceeded. There had been indications from other market players that demand had been strengthening in the later season and this announcement suggests Jet2 has been well positioned to capture the upside. Reiterate Buy.

Companies: Dart Group

04 Nov 19

THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

20 Nov 19

Now a pan-European player in both airlines and package holidays

EasyJet’s FY results met market expectations and guidance. The company is aiming to be a net-zero carbon airline and will build up the package holiday business from the UK to the rest of Europe.

Companies: easyJet

27 Jun 19

Cenkos: Rotala Plc - Acquisition of assets from First Manchester

The prospective £5.3m acquisition of a depot in Bolton from First Manchester strengthens Rotala's position, increasing its regional market share from 4% to 13%, and offering material synergy opportunities. This will be purchased using the Company's existing bank facilities, and is expected to be earnings accretive (c5%) in its first full year.

Companies: Rotala

02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

13 Nov 19

Robust margin forecast supported by a better-diversified portfolio

The bolt-on acquisition of Air Europa is expected to strengthen the group’s overall performance by reason of more synergy effects. However, the downward outlook frustrates the market.

Companies: International Consolidated Airlns Grp

15 Nov 19

Good Q3, UK pain less than expected

Flutter reported a good Q3 19 performance. Sales came in at £533m, up 9% at cc. The soft online performance (-1%) was more than offset by strong growth in the US (+67%) and Australia (+19%), both of which beat our expectations. Though retail reported another quarter of decline (-9%), the drop was less than expected. Following the good showing, we will be upgrading our estimates and target price.

Companies: Flutter Entertainment

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 FLTR PTEC SPO 888 GAN NKTN KAMBI GIG SGMS IGT

17 Jan 19

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.

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

30 Aug 17

Structural growth

Arena Events Group (‘Arena’) is a leading provider of turn-key, managed solutions for event organisers with predominantly recurring revenues from an enviable footprint of Tier 1 clients arranging sporting, cultural and corporate events. With a highly experienced management team and exceptional client list the group is well placed to deliver robust organic growth with the potential to further consolidate the industry through acquisitions. We forecast c7% three-year CAGR in revenue and c14% three-year CAGR in EBITDA prior to any acquisitions. The stock trades on a 2017E P/E of 16.4x and an EV/EBITDA of 6.8x with a 2.5% yield. We see fair value of up to 99p per share and initiate coverage with a Buy recommendation.

Companies: Arena Events

02 Apr 19

Cenkos: Rotala Plc - Acquisitive Growth

Rotala released a solid set of results for FY18A in a challenging market environment, with revenue and EBITDA marginally below our expectations. Changes in the regulatory environment are presenting acquisition opportunities for Rotala, which is more nimble than larger bus companies, and not weighed down by the high overheads and legacy issues that some face. We believe Rotala offers great value, trading on a FY19E EV/Adj EBITDA of 6.0x and a dividend yield of 5.4%. Buy.

Companies: Rotala

10 Apr 19

Cenkos: Arena Events Group Plc - FY18A Results

One-off operational issues in the UK overshadowed an otherwise successful year, with Arena completing eight acquisitions, and recording strong organic growth across the group. We expect FY19E to be a year of consolidation, as issues in the UK are addressed and acquisitions fully integrated. FY20E looks very promising, boosted by several new and returning golf contracts. We consider the near halving of the share price over the past three months to be significantly overdone. Buy.

Companies: Arena Events

15 Jul 19

LIBERUM: DP Eurasia* - Resilient first half; outlook improved; strong BUY

1H’19 ended with a much improved LfL growth trend in Turkey (+7.7% in 1H’19), while Russia (+4.7% LfL) was impacted by a tough comp from the FIFA World Cup in 1H’18. The shift to online channels continues to be the biggest growth driver with online system sales LfL growth of 24.1% in Turkey and 16.9% in Russia.

Companies: DP Eurasia

09 Oct 18

Arena Events Group plc Investor Overview

08 Oct 19

Air Partner (AIR) H1 results October 2019

11 Nov 19

AFC Energy’s Adam Bond discusses ‘key competitive advantage’ and revenue potential

24 Sep 19

Investor Update: TUI delivers solid fourth quarter update

21 Oct 19

Everyman Media Group (EMAN) H1 results presentation September 2019

19 Sep 19

City Pub Group shifts focus to developing pub estate and improving dividends

23 Sep 19

Investor Update: Thomas Cook enters compulsory liquidation

01 Apr 19

CEO Video - Richard Darwin, The Gym Group

Premium

16 Apr 18

Executive interview - PPHE Hotel Group

13 Dec 18

DP Poland - Corporate update

21 Feb 18

Veltyco Group (VLTY) ShareSoc presentation February 2018

12 Dec 18

DP Poland - Trading update

07 Nov 19

Investor Update: AFC Energy's HydroX-Cell 'performs well' against rival PEM technology

10 Dec 18

Executive interview – Bet-at-home

10 Apr 19

Arena Group plc (ARE) FY results to 31st December 2018

Latest Content

easyJet

Now a pan-European player in both airlines and package holidays

EasyJet’s FY results met market expectations and guidance. The company is aiming to be a net-zero carbon airline and will build up the package holiday business from the UK to the rest of Europe.

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20 Nov 19
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AFC Energy

First Light

AFC Energy (AFC) – Corporate – AFC Energy Raises £0.52m

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19 Nov 19
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ORR CORA ECSC SCPA GAN UPR ITM EQLS KAPE ARCM

Small Cap Feast

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA. Longboat Energy raising £10m. Expected admission November 2019. The company has been established by the former management team of Faroe Petroleum to create a new full-cycle North Sea oil and gas company .The strategy to achieve this will initially be through the acquisition of assets where the management team can add value through subsurface and operational improvements, follow-up deal opportunities and nearfield exploration; and by value creation through the drill bit.

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19 Nov 19
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Codere

Codere - Moving on from accounting irregularities

Q319 results were dominated by previously announced accounting irregularities in the Mexico, Panama and Colombia divisions. These have been confirmed as one off and confined to H119 but, as a direct result, management has lowered FY19 EBITDA guidance by c €10m to €250–255m (pre-IFRS 16). As a positive, the Spanish division is developing strongly, with encouraging momentum in online. Codere’s focus is now on refinancing the senior notes and rebuilding trust with the investment community. We have lowered our FY19 EBITDA by 8.7% and our FY20 EBITDA by 8.0%. The stock is very illiquid and trades at 4.2x EV/EBITDA for FY20e, which is at a deep discount to peers.

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18 Nov 19
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Borussia Dortmund GmbH & Co.KGaA

Borussia Dortmund - Exciting viewing ahead

Borussia Dortmund’s Q120 results exhibited typical volatility due to the key summer transfer window. Excluding the volatile transfer revenue, there was good growth with other revenue up c 15%. We maintain our forecasts but note there is a key Champions League game in less than two weeks and results in the Bundesliga must improve to ensure qualification for the competition next season. The shares continue to look well supported by its player assets and the FY20e EV/EBITDA multiple of 5.8x.

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15 Nov 19
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Flutter Entertainment

Good Q3, UK pain less than expected

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15 Nov 19
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International Consolidated Airlns Grp

Robust margin forecast supported by a better-diversified portfolio

The bolt-on acquisition of Air Europa is expected to strengthen the group’s overall performance by reason of more synergy effects. However, the downward outlook frustrates the market.

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13 Nov 19
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Deutsche Lufthansa

Passenger growth continued moderating in October

Lufthansa’s strategy to limit Eurowings to flights within Europe and the around the Mediterranean Sea is showing up in the passenger numbers since the middle of this year or so. As a result, and as the group is not willing to give up the associated slots, Lufthansa’s passenger number continues rising, whereas Eurowings’ number is falling.

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13 Nov 19
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AFC Energy

AFC Energy’s Adam Bond discusses ‘key competitive advantage’ and revenue potential

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11 Nov 19

bet-at-home.com

bet-at-home - On target to reach top end of guidance

bet-at-home (BAH) is a long-established sports betting brand, successfully cross-selling into gaming. Against the tough backdrop of the 2018 World Cup and Swiss IP blocking (from July 2019), BAH reported an encouraging set of Q319 results and now has 5.2m customers. Regulatory risks remain high, as witnessed by the IP blocking in Switzerland but FY19 guidance continues to look conservative. The stock was affected by September’s announcement of increased taxes in Austria but the net cash balance remains healthy and the stock trades at an attractive 8.2% prospective dividend yield.

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