Edison Investment Research - HOSTMORE (MORE) Hostmore - Delivering on its plans

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Edison Investment Research

Kate Heseltine

Hostmore - Delivering on its plans

Notwithstanding the proposed tightening of restrictions amid concerns about the Omicron variant of COVID-19, Hostmore has accompanied news of continued buoyant trading with assurances of costs mitigation and further COVID-19 leasehold concessions this year and next. Confirmation of like-for-like EBITDA in October and November was up on 2019, and a positive response to Fridays’ Christmas promotions, reinforce our confidence in our current year forecasts. Meanwhile, expected growth opportunities in a favourable property market are being realised with a likely accelerated rollout (five sites in legal negotiations). We reiterate that an EV/EBITDA multiple of 6x FY22e is a sharp discount to that of its peers (we estimate c 10x average) and ignores Fridays’ strong rejuvenation prospects, backed by our forecast of FY22 financials well ahead of pre-pandemic levels.

09/12/2021 1 EN

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HOSTMORE

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GB00BMV9MD66 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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Hostmore has bucked concerns about the impact of the Omicron variant with its expectation of FY21 pre-IFRS 16 EBITDA ‘well ahead of £18.6m market consensus’. While buoyancy in October and November was the driver, December proved resilient with cancellations owing to COVID-19 concerns more than made up by walk-ins and new reservations. We are therefore raising our FY21 forecast of EBITDA (our key metric) by £2m and revenue by £10m. For the current year the newly confirmed imminent easing of COVID-19 restrictions should spur the benefit of Fridays’ wide-ranging brand initiatives and growth oppor...

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Hostmore - Delivering on its plans

Hostmore - Back on track

Hostmore - Ready to party

Hostmore - Ready to party

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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