Whitbread : Caution is the watchword on the stock, pending greater visibility (Brexit, asset management, etc.). Reduce (vs Neutral)
>A -3.7% decline in organic growth in Q1 - Activity indicators in Q1 (at end-May) were disappointing for Whitbread, the group’s organic growth in the UK was down -3.7% y-o-y, revealing a sequential slowdown vs the performance of recent quarters. The hotel business stalled with a significant organic decline of -4.6% (-0.6% for 2018-19) and l-f-l RevPAR down -6.0% over the quarter. In London (a quarter of the network, on our estimates), RevPAR was down -4.4%, whilst the...Whitbread is a hospitality company. Co. serves its customers in the U.K. and beyond through its two businesses: Premier Inn and Restaurants; and Costa. Premier Inn is a hotel business, with over 760 hotels and more than 68,000 rooms as of Mar 2 2017. Co.'s hotel are located alongside its own restaurant brands. Co. also have hotels in the Middle East, and Germany, with more hotels in the pipeline. Costa is the coffee shop, with over 2,200 coffee shops in the U.K., over 1,300 stores in 29 international markets and over 6,800 Costa Express self-serve units as of Mar 2 2017.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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