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.

18 Jan 17

Interims ahead, well placed for the full-year

A good set of interims disclose a near doubling of 1H17 adj. PBT to £0.9m, with results also ahead of upgraded expectations, following November’s interim trading update. Key metrics such as online sales growth, profit margin, and FCF all continued their upward trend and with 66% of unchanged FY17E PBT already delivered in H1, BOTB is well positioned to continue growing and meet our full-year numbers. We upgrade our target price to 338p, based on a target FCF yield of 4%.

Companies: Best Of The Best

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

21 Jun 17

Q1 trading enough for some relief

Q1 trading is encouraging overall, with positive Costa LFL and robust Premier Inn RevPAR. FY18 consensus looks appropriately conservative, with no change expected at this early stage of the year. At c.10x FY18 EBITDA the valuation feels well poised, with upside from Costa initiatives likely to be capped by challenging UK consumer/high street dynamics. HOLD. Call 7:45am.

Companies: Whitbread

10 Aug 17

N+1 Singer - Cineworld Group - Blockbuster interims – upgrading back to Buy

An excellent set of interims from Cineworld this morning, encapsulated by a 4% EBITDA beat vs our forecast. Overall, the Group has delivered an impressive 21% uplift in EPS on 18% (12% cc) revenue growth and rewarded investors with a 15.4% DPS hike. The general tenor of the results is positive and whilst there is nothing fundamentally new this morning, we are encouraged by reference to strong July trading. Comps admittedly are stiff for the rest of Q3, but the H1 beat and expectation of a strong Q4 on the back of Star Wars VIII influence us to tweak our FY17 forecast up marginally to take us 2% above consensus. With our new 12m TP of 770p (from 760p) implying 12% TSR we feel there is merit in putting the stock back on the Buy list having tactically downgrade to Hold in May. Overall, in a dull Leisure sector Cineworld continues to be a lone shining star.

Companies: Cineworld Group

03 Jul 17

N+1 Singer - Best Ideas 2017 - H1 Review - A strong H1, CVS Group and Renold added for H2

Today we publish our H1 review of our Best Ideas for 2017 – the document in which we also outlined our key top down and bottom up investment themes for the year. Our 12 top picks in January were Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield which have collectively outperformed the wider market by 13% YTD. At the half way stage we retire Cineworld and Hill & Smith from the portfolio (both were moved from Buy to Hold in May after outperformance), to be replaced by CVS Group and Renold. We also give a brief update on the rationale for our picks.

Companies: IQE RNO SDL CVSG ELM REDD RENE MYSL SERV HRI SFR RTHM CINE HILS

02 Aug 16

Interim results; small beat and confident outlook

Revenues $838m (consensus $859m) with adjusted op profit of $345m (consensus $337m) to give EPS of 89.4c and DPS of 30.0c. RevPAR improved in Q2 to 2.5% (from 1.5% in Q1) smoothing out the Easter distortion. However, some markets are seeing subdued trading, particularly in oil related US markets, Middle East, London and Paris. 3.6% net new room growth with 17k openings (+8.0% YoY) is strong. Regionally Americas saw RevPAR growth of 2.4% (rate driven), Europe RevPAR 2.0%, within which London and Paris remain weak. AMEA RevPAR -0.4% with weakness in Middle East mitigating strong trading elsewhere. Overall Group fee margin was 48.6%, an improvement of 2.9%pts helped by cost phase and scale benefits with tight control of overheads. We do not anticipate making any significant changes to forecasts at this stage. With the stock trading on 2016E PE of 21.0x and EV/EBITDA of 12.5x we rate the stock HOLD.

Companies: Intercontinental Hotels Group

26 May 17

Strategic initiatives progressing to plan, LFLs better than feared

Today’s AGM trading update reveals no detail on strategic initiatives, as expected, except to say implementation is progressing well. The LFL sales decline of 1.8% YTD is better than expected, but will fade as F&B price cuts kick in. Management remains happy with consensus. We expect some relief today, but expect the shares to remain volatile whilst turnaround evidence builds; hence our lack of conviction and HOLD rating.

Companies: Restaurant Group

06 Jul 17

Full steam ahead

Excluding Euro 2016 revenues, underlying Q217 daily net gaming revenues (NGR) grew 15%, providing further evidence of GVC’s position as a leading online gaming operator. As showcased during a recent capital markets day, the integration of bwin.party has surpassed management’s initial expectations, with positive KPIs across all divisions. Growth has been achieved through leveraging the powerful proprietary platform and reinvigorating leading brands. Customer migrations should be complete by year end and €125m cost synergies are on track. We have nudged up our 2017 and 2018 forecasts, although we recognise that comparatives into H217 will become tougher. With a robust growth profile, the stock trades towards the top of its peers, at 9.9x EV/EBITDA and 12.5x P/E for 2018e.

Companies: GVC

11 Jul 17

Positive AGM statement, catalyst for upgrades

The business outperformed expectations in FY16A, produced a strong start to FY17E and is outperforming expectations for FY17E as alluded to in the AGM statement. This is the catalyst for increasing our forecasts and price target, we reiterate our Buy rating on the stock.

Companies: Veltyco Group

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

25 Jul 17

Shopping Trolley

While the decline in pub numbers over the past decade has often been attributed to the smoking ban, a rebalancing of demand from drink-led to food-led occasions and an uneven playing field between pubs and supermarkets on beer duty and business rates, we think that pubs also need to shoulder some responsibility, having largely failed to keep pace with changing trends, in particular lacking concepts that appeal to Generation Z consumers and Millennials. In this report, we discuss the characteristics of ‘Gen Z’ and Millennials (socially conservative, fiscally cautious, digitally native); what they like doing (lots in social isolation, far less in pubs and clubs); and how to tempt them back into pubs (create an ‘Instagram-able aesthetic’, offer free wi-fi and more technology, widen the wet offering and embrace non-drinkers, offer pop-up ‘immersive activities’ and employ retro with special offers that cater for groups rather than ‘couply’ stuff). Generating a strong social media presence (not just Facebook but also Instagram, Snapchat and Twitter) allows operators to be with their customers well after closing time and encourages customers to do their marketing for them.

Companies: BOTB FUL HOTC JOUL CAKE PHTM RGD RBG SCS SHOE VCP

03 Jul 17

The Monthly July 2017

As we approach 3rd January 2018 and the coming into force of the MiFID II legislation which changes the landscape for research, we are beginning to see some of the practical implications and complications. Brokers are in the early stages of working out how to structure charging for research, asset managers have already begun cutting their brokers’ lists and a model code of conduct for Research Payment Accounts for institutions has been published.

Companies: ABZA AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP PURP RE/ SCLP SPH VAL

08 Jun 17

Recent share price weakness overdone

Brighton Pier shares have fallen nearly 30% from last year’s high of 134p as sentiment has been affected by several profit warnings in the leisure sector, most recently from Comptois Libanais and Revolution Bars and prior to that Tasty and Restaurant Group. This has now been exacerbated by heightened concerns over the potential impact of terrorism on tourism.

Companies: Brighton Pier Group

13 Jul 17

Finals – Another year of strong growth

Dart’s finals reflect another successful year of growth, with revenues up 23% to £1,729.3m. Operating profit declined 2% to £103m reflecting the “considerable investment” to launch the two new bases at Birmingham and London Stansted and with slightly higher finance costs, adjusted PBT (excluding a £10.9m FX revaluation loss) fell 4% to £101.0m (Arden forecast £97.0m).

Companies: Dart Group

15 Jun 17

DP Poland - New commissary approaching completion

06 Jun 17

DP Poland - Share placing

19 Jul 17

DP Poland - Update on Store Performance H1 2017

20 Apr 17

DP Poland - Interview with latest sub-franchisee in Gdansk

02 Jun 17

Capital Network's Ed Stacey on AFC Energy

22 Mar 17

Capital Network's Ed Birkin talks On the Beach

12 Sep 16

Safestay - Half Year Results 2016

09 Mar 17

Capital Network's Ed Birkin on Goals Soccer

04 May 16

DP Poland - Q1 2016 update

10 Oct 16

DP Poland - Successful capital raising to accelerate store roll-out

08 Feb 17

DP Poland PLC - Trading update

09 Jun 16

finnCap - Initiation of coverage, Best of the Best

Premium

03 Nov 16

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

29 Apr 16

Minerva Research Labs - ELITE at London Stock Exchange

21 Sep 16

32RED - Record interim results

Latest Content

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AIM Breakfast

LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m | Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap | Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 6 September | Autins Group plc - The acoustic and thermal insulation specialist now looks to join AIM late August

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16 Aug 17
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Revolution Bars Group

Rejected: Revolution Bars turns down merger proposal from Deltic

The offer comes less than 3 weeks after rival bar group Stonegate made an offer of 200p per share.

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15 Aug 17
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Deutsche Lufthansa

Air Berlin goes into receivership

Etihad has terminated its financial support for the ailing airline which forced management to ask for creditor protection. The German government has granted a €150m loan guarantee that will allow Air Berlin to operate until the end of November. This bridging loan will be repaid first once the carrier has sold its assets, in particular its slots not only in Germany but also at other European airports.

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15 Aug 17
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Domino'S Pizza Group

Dominos: market sceptical of new partnership with London franchisee

The Group was down 5% with the announcement of a £24m, 75% stake.

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11 Aug 17
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Small Cap Breakfast

OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017 | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017

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11 Aug 17
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Cineworld Group

Cineworld Group releases promising interims, N+1 upgrading back to buy

The Group reported an impressive 21% uplift in EPS on 18% revenue growth and rewarded investors with a 15% DPS hike

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10 Aug 17
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Cineworld Group

N+1 Singer - Cineworld Group - Blockbuster interims – upgrading back to Buy

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10 Aug 17
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HILS CINE SOG

N+1 Singer - Morning Song 10-08-2017

Cineworld Group (CINE LN) Blockbuster interims – upgrading back to Buy | Hill & Smith Holdings (HILS LN) Positive H1 | StatPro Group (SOG LN) Contract to migrate client from Seven to Revolution

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10 Aug 17
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Small Cap Breakfast

OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017 Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017. Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017

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10 Aug 17
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Tui

Positive 9m EBITA, for the first time

Q3 revenue stood at €4.8bn (+13% yoy). The underlying EBITA came in at €236m (+20%). The company confirmed its guidance of at least 10% EBITA growth in 2016-17 and at least 10% CAGR for 2018-19. On the other hand, TUI now expects turnover growth of above +3% (vs. c.+3% previously).

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