Whitbread : Confidence displayed on the robustness of the business model and the short-term outlook. Outperform confirmed
>Marked operating performance in H1, additional returns of cash - Whitbread’s first-half earnings produced a positive surprise thanks to profitability that was much higher than expected while top-line growth was broadly in line with expectations. Group revenues thus grew 17% y-o-y, pointing to a slight slowdown in Q2 to +14% vs +20% in Q1, attributable to a more challenging base of comparison. The main driver of growth was obviously hotels in the UK which continued to...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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