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.

16 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

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 FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

15 Jul 19

The tide has turned

Recent events, notably Greece’s switch to a more business-friendly administration after its General Election last weekend, continue to shift the prevailing political and economic winds in Minoan’s favour. This result followed the swing to the right in the Regional, Municipal, and European elections in May. This update provides a very brief summary of the current economic and political backdrop in which the group operates. We intend to follow this with a further more detailed note as the project’s value and realisation become more evident.

Companies: Minoan Group

18 Jul 19

Good quarter is leading to better full-year visibility

easyJet has just announced very encouraging Q3 19 results. Total revenue per seat has increased by 0.7% to £60.84, which is a positive sign as the industry’s average air fares have been under pressure due to the substantial seat-capacity growth in the European sky.

Companies: easyJet

02 Jul 19

THE MONTHLY July 2019

When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L

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

11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

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

11 Jul 19

Dart Group - FY19 Results, Strategy Paying Off

Dart Group has released FY19 results ahead of current market expectations albeit this was flagged at the trading update in April. The Board remain optimistic of meeting FY20 market expectations and commentary in the press release indicates that customer demand and operational momentum continues to be strong. We have long viewed Dart’s Leisure Travel strategy as well differentiated vs competition and see this contributing to ongoing share gains in the industry. Buy.

Companies: Dart Group

15 May 17

Rising dough

Fulham Shore’s proven management team is expanding both its main brands, Franco Manca and The Real Greek, ahead of expectations. FY17 saw a 55% rise in restaurants open, to 45. We estimate 60 by end FY18, more than double the end FY16 figure. The authentic, good value, casual dining experience produces average ROCE at restaurant level of over 20%. Most openings are in Headline EBITDA profit from month one. The 3rd April trading update highlighted trading in line with (ambitious) expectations, which is in comparison to many other US and UK brands, which have found the past year difficult. Fulham Shore has clearly demonstrated robust, strong growth, expanding from London and out to provincial locations, with eventual potential for franchise, a third brand and international expansion.

Companies: Fulham Shore

23 Apr 18

Value screen refresh and 10 focus stocks

We have completed another refresh of our 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 10 stocks to focus on. Since the last refresh, two days before the last general election, which resulted in a hung parliament, the screen has performed a little better than the small-cap index with our focus stocks outperforming by about 500bps. The weighting to UK consumer stocks noted last time detracted from performance, which came as little surprise given our cautious stance, much discussed in our other strategy work this year. One might have expected more consumer exposure in the refreshed screen given this year’s severe underperformance, but it appears forecasts have been similarly downgraded, keeping much of the sector outside our value criteria

Companies: AUG EHG GOAL MMH RTHM SDY TEF VANL

17 Oct 18

Refocusing into highly profitable licensing model and disposal of assets create significant value creation opportunities

Gaming Realms is a developer, publisher and licensor of real money and social games with operations in the UK, U.S. and Canada. The business was set up by the team behind Cashcade Ltd, creator of bingo brand Foxy Bingo, which was sold to PartyGaming for just under £96 million in 2009.

Companies: Gaming Realms

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

31 Jan 19

Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

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

05 Feb 19

THE MONTHLY February 2019

This Investment Research Paper addresses the issue of renewable power generation in the UK and in mainland Europe, which – after the deep-seated financial crisis of 2008/09 and the ensuing recession – now has better prospects of achieving critical mass. It also considers investment perspectives.

Companies: OPM AVO AJB AGY ARBB AVCT DISH BUR CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA RE/ REDX STX SCE SIXH TRX TON VAL VTA W7L

09 Oct 18

Arena Events Group plc Investor Overview

01 Apr 19

CEO Video - Richard Darwin, The Gym Group

Premium

27 Jun 19

Greene King - Preliminary results video 2018/19

12 Dec 18

DP Poland - Trading update

21 Feb 18

Veltyco Group (VLTY) ShareSoc presentation February 2018

18 Sep 18

DP Poland - H1 2018 results

13 Dec 18

DP Poland - Corporate update

19 Jul 18

DP Poland - H1 2018 Trading Update

09 Mar 17

Capital Network's Ed Birkin on Goals Soccer

15 May 18

Interim Results Update for 6 months to 28th February 2018

10 Apr 19

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

04 May 18

DP Poland - Trading Update

10 Dec 18

Executive interview – Bet-at-home

03 Apr 18

DP Eurasia N.V CEO - Aslan Saranga

Premium

01 Jul 18

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

Latest Content

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Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

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19 Jul 19
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Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year. Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 30th July

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18 Jul 19
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easyJet

Good quarter is leading to better full-year visibility

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18 Jul 19
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CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

Small Cap Feast

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16 Jul 19
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DP Eurasia

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

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15 Jul 19
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Minoan Group

The tide has turned

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15 Jul 19
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Dart Group

Dart Group - FY19 Results, Strategy Paying Off

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11 Jul 19
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Deutsche Lufthansa

SLF up but FLF sharply down in both June and ytd

The number of passengers combined with the load factors and prices translate into the carrier’s profits. Although H1 prices are not yet known (the company is expected to release its numbers on 30 July), Lufthansa’s Passenger activities have done well in terms of passenger numbers and the SLF. On the other hand, Logistics continued suffering from falling demand and a sharply lower FLF.

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11 Jul 19
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J D Wetherspoon

Decent closure to FY18/19

JDW has ended the year on a strong note. This performance gains further significance considering the strong comparables and a weak show by overall UK-based managed pubs in May 2019 (according to Coffer Peach). We expect top-line momentum to moderate in the subsequent year. The margin pressure is likely to remain in our opinion. No change to stock recommendation.

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10 Jul 19
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Elegant Hotels Group

LIBERUM: Elegant Hotels* - Outlook unchanged; no change following Hodges Bay termination

The termination of the Hodges Bay management contract has no impact on forecasts. While unfortunate, issues at the resort, which has resulted in the construction not yet complete have frustrated matters.

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