Whitbread : Difficult trends in the short-term but our investment case is still intact. Buy, target price adjusted to 3,050p
>A highly-localised recovery that cannot be extrapolated to the coming months - The marked decline in organic growth at the group in H1 (to end-August) came as no surprise because it was broadly in line with the performance delivered by peers. The reopening of almost the entire Premier Inn network, between end-July and end-August (i.e. 98% of the group’s capacity in the UK), had a limited impact on activity over the six months given that the recovery in demand is curr...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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