Edison Investment Research - PPHE Hotel Group (PPH) PPHE Hotel Group - Checking back in

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Edison Investment Research

Kate Heseltine

PPHE Hotel Group - Checking back in

PPHE has accompanied news of continued strong leisure-based recovery with an EPRA NAV per share of £20.85 at June 2021, almost unchanged in H121 despite COVID-19 restrictions, highlighting the company’s resilience from a property perspective. Encouragingly, the recent joint venture on prime London assets (Riverbank and art’otel hoxton) not only endorsed this valuation (44% premium to current share price), but also released £114m for future growth to management with an impressive development record, notably a return on Waterloo of c 100% in just four years. Consequently reinforced finances (£238m headroom at June 2021) are enabling steady progress with a £200m+ pipeline and an appetite for post-pandemic opportunities, such as in new areas of Europe and branding.

06/09/2021 2 EN

Underlying

PPHE Hotel Group

PPHE Hotel Group is a hospitality company. Through its subsidiaries, jointly controlled entities and associates, Co. owns, co-owns, leases, operates, franchises and develops hotels in cities, regional centers and select resort destinations, primarily in Europe. The majority of Co.'s hotels operate under the Park Plaza or art'otel brands. The art'otel brand is wholly owned by Co. Co. has a licence from Carlson Hotels to develop and operate Park Plaza Hotels & Resorts in 56 countries in Europe, the Middle East and Africa. As of Dec 31 2017, Co.'s portfolio of owned, co-owned, leased, managed and franchised hotels comprised 39 hotels providing a total of nearly 9,000 rooms.

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GG00B1Z5FH87 London Stock Exchange Guernsey

Provider

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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TheScreener

With a more favourable environment, PPHE HOTEL improves to Positive

PPHE HOTEL (PH), a company active in the Hotels industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date April 5, 2022, the closing price was GBp 1,480.00 and its potential was estimated at GBp 1,593.55.

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April 6, 2022 April 6, 2022 1 EN

Edison Investment Research

PPHE Hotel Group - Checking back in

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PPHE Hotel Group - Checking back in

With a more favourable environment, PPHE HOTEL improves to Positive

PPHE Hotel Group - Checking back in

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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