InterContinental Hotels Group PLC

InterContinental Hotels Group is a hotel companies. Co.'s hotel brands are InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hualuxe Hotels & Resorts, Hotel Indigo, EVEN Hotels, Crowne Plaza Hotels & Resorts, Holiday Inn, Holiday Inn Express, Staybridge Suites, Holiday Inn Club Vacations, Holiday Inn Resorts, Candlewood Suites, and Avid Hotels. As of Mar 2 2017, Co.'s had total hotels of 5,348 with 4,433 franchised, 907 managed, eight owned and leased hotels, and 1,655 total hotels in the pipeline.
  • TickerIHG
  • ISINGB00BHJYC057
  • ExchangeLondon Stock Exchange
  • SectorTravel & Leisure
  • CountryUnited Kingdom

Analysts

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/23/2020

The fall in profits will be marked. The temptation to skip over 2020 and position on 2021 is a legitimate one. The recovery will likely reward, as in 2009, the leading sectors of the previous cycle (banking in 2009, technology, luxury goods, agri-foods at present). Watch out, though! The COVID-19 epidemic is primarily contributing to the acceleration of a new world, more local, less global, more digital and greener, but also carrying greater debt. This last point should favour liquidi...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/03/2020

La baisse des profits sera forte. La tentation d’enjamber 2020 pour se positionner sur 2021 est légitime. Il parait probable que la reprise consacre, comme en 2009, les secteurs leaders du cycle précédent (bancaires en 2009, technologie, luxe, agro-alimentaire aujourd’hui). Mais attention ! L’épidémie de COVID-19 contribue surtout à accélérer l’émergence d’un monde nouveau plus local, moins global, plus numérisé, plus vert mais aussi nettement plus endetté. Ce dernier point devrait fa...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : COVID-19 update: as expected, no visibility in the short term

>COVID-19 update: collapse in RevPAR from March - Before the start of trading on Friday, IHG gave an update on the current COVID-19 situation, which is hitting the hotel segment particularly hard (no more business and leisure travel due to the multiple restrictions). The group noted the weakest hotel demand ever recorded, which has resulted in a fall in group RevPAR of -6% in January and February (impact of China / Asia vs still stable RevPAR in the USA), with an expe...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : Update COVID-19 : sans surprise, pas de visibilité à court terme

>Update COVID-19 : effondrement des RevPAR à compter de mars - IHG a fait un point vendredi avant Bourse sur la situation dans le contexte actuel de COVID-19 qui touche particulièrement le segment hôtelier (arrêt des voyages d’affaires et de loisirs en raison des multiples restrictions). Le groupe constate ainsi la plus faible demande hôtelière jamais enregistrée, qui s’est traduite par un recul de ses RevPAR groupe de -6% sur les mois de janvier et février (impact Ch...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/17/2020

Applying basic assumptions related to the duration of total confinement measures (still to be taken in western countries) and the partial recovery of lost activity once the epidemic is behind us, we estimate that 2020 EPS will decline by 17% vs 2019. This variation is likely to be amplified as the duration of the confinement increases. Using the instantaneous cost of capital (11.35% at the time of writing), this yields a Stoxx 600 target of 256 points. Don’t catch a falling knife. - ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : COVID-19 update: as expected, no visibility in the short term

>COVID-19 update: collapse in RevPAR from March - Before the start of trading on Friday, IHG gave an update on the current COVID-19 situation, which is hitting the hotel segment particularly hard (no more business and leisure travel due to the multiple restrictions). The group noted the weakest hotel demand ever recorded, which has resulted in a fall in group RevPAR of -6% in January and February (impact of China / Asia vs still stable RevPAR in the USA), with an expe...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : Update COVID-19 : sans surprise, pas de visibilité à court terme

>Update COVID-19 : effondrement des RevPAR à compter de mars - IHG a fait un point vendredi avant Bourse sur la situation dans le contexte actuel de COVID-19 qui touche particulièrement le segment hôtelier (arrêt des voyages d’affaires et de loisirs en raison des multiples restrictions). Le groupe constate ainsi la plus faible demande hôtelière jamais enregistrée, qui s’est traduite par un recul de ses RevPAR groupe de -6% sur les mois de janvier et février (impact Ch...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : Significant uncertainty in the COVID-19 context, geographic exposure to US/China likely to act as a drag

>Still no visibility on the hotel sector at the global level - As in the global hotel sector, visibility on the how IHG's business is set to develop in 2020 remains very limited. The sharp reduction and even discontinuation of business and leisure travel (respectively 60% and 40% of IHG's revenues) in certain regions will undoubtedly have a marked impact on the group's RevPAR in 2020e, with no sign of a rebound in the short term. At this stage, IHG has not commun...

Fehmi Ben Naamane ...
  • Johanna Jourdain

Intercontinental Hotels : Incertitudes fortes dans le contexte COVID-19, l’exposition géographique US/Chine devrait peser

>La visibilité reste absente sur l’hôtellerie au niveau mondial - A l’instar du secteur hôtelier mondial, la visibilité reste très limitée sur l’évolution de l’activité de IHG en 2020. La forte réduction, voire l’arrêt des voyages d’affaires et de loisirs (respectivement 60% et 40% du CA d’IHG) dans certaines régions, va de façon certaine impacter fortement les RevPAR du groupe en 2020e, sans signal de rebond à court terme. A ce stade, IHG n’a pas communiqué sur ...

Ng Adrian

InterContinental Hotels Group PLC

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/23/2020

The fall in profits will be marked. The temptation to skip over 2020 and position on 2021 is a legitimate one. The recovery will likely reward, as in 2009, the leading sectors of the previous cycle (banking in 2009, technology, luxury goods, agri-foods at present). Watch out, though! The COVID-19 epidemic is primarily contributing to the acceleration of a new world, more local, less global, more digital and greener, but also carrying greater debt. This last point should favour liquidi...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/03/2020

La baisse des profits sera forte. La tentation d’enjamber 2020 pour se positionner sur 2021 est légitime. Il parait probable que la reprise consacre, comme en 2009, les secteurs leaders du cycle précédent (bancaires en 2009, technologie, luxe, agro-alimentaire aujourd’hui). Mais attention ! L’épidémie de COVID-19 contribue surtout à accélérer l’émergence d’un monde nouveau plus local, moins global, plus numérisé, plus vert mais aussi nettement plus endetté. Ce dernier point devrait fa...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/17/2020

Applying basic assumptions related to the duration of total confinement measures (still to be taken in western countries) and the partial recovery of lost activity once the epidemic is behind us, we estimate that 2020 EPS will decline by 17% vs 2019. This variation is likely to be amplified as the duration of the confinement increases. Using the instantaneous cost of capital (11.35% at the time of writing), this yields a Stoxx 600 target of 256 points. Don’t catch a falling knife. - ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/03/2020

Sur la base d’hypothèses basiques liées à la durée des mesures de confinement total (encore à prendre pour les pays occidentaux) et de récupération partielle de l’activité perdue, une fois l’épidémie derrière nous, nous estimons que les BPA 2020 vont baisser de 17% vs 2019. Cette variation est susceptible d’être amplifiée avec l’accroissement de la durée de confinement. En utilisant le coût du capital instantané (11.35% à la date de rédaction) ceci débouche sur un objectif de Stoxx 60...

Alexandre Iatrides ...
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2020

Why this resilience from the equity market in a context that is not very favourable to earnings momentum? A historical quantification of the level of the risk premium and its derivatives (earnings yield spread - Bund) confirms the attractive level of the equity market in relation to the risk-free rate. It offers downside protection. In contrast, the low level of the earnings yield caps the potential and makes the market vulnerable to a downward revision of EPS, likely due to the cons...

Ng Adrian

InterContinental Hotels Group PLC

ICTL.HOTELS GROUP PLC. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ICTL.HOTELS GROUP PLC. (GB), a company active in the Hotels industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 14, 2020, the closing price was GBp 5,035.00 and its potential was estimated at GBp 5,495.99.

Intercontinental Hotels Group Plc

Intercontinental Hotels Group Plc

Intercontinental Hotels Group Plc

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