Whitbread : Low H1 results; revised target price of 4,400p (vs 4,900p)
>H1 results shy of forecasts - Whitbread’s H1 results (at end-August) were low overall, a shade below forecasts, even though the changes to the consolidation base (Costa division now booked as a non-recurring item) make the comparison more complicated. Group revenues (and therefore for the hotel business only) reached £ 1,079m for the first half, up by only 2.6% y-o-y (vs 2.2% in Q1 and historic levels in the region of 10%), probably including negative organic growth ...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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