Whitbread : Scission de Costa : obligation d’optimisation des deux business models
La scission de Costa, longtemps espérée, donnera naissance à deux leaders du secteur au Royaume-Uni. Quelques interrogations subsistent néanmoins, essentiellement sur la capacité de l’hôtellerie à financer seule sa croissance coûteuse et la possibilité/obligation de recourir à l’asset management. Malgré tout, le risk reward du titre nous parait attractif au vu des catalyseurs et de la valorisation relativement faible par rapport aux pairs. Achat et OC de 4900p maintenus. - - >§...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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