Whitbread : Nous intégrons des impacts supplémentaires de l’inflation ; OC abaissé de 4100 p à 3700 p, recommandation Surperformance réitérée
>Un S1 de bonne facture, sans grande surprise - Les résultats S1 de Whitbread sont de bonne facture, avec une topline globalement conforme aux attentes (et 25% supérieure aux niveaux avant crise) et un EBIT groupe ajusté, légèrement supérieur aux estimations (+5% par rapport aux nôtres). La marge d’EBIT, à 25.4% au S1, est par ailleurs, en baisse de seulement 190 pb par rapport au niveau du S1 2019-20, malgré le contexte inflationniste exceptionnel, et ce, grâce à des...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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