Whitbread : We factor in additional impacts of inflation; target price lowered from 4,100p to 3,700p, Outperform rating reiterated
>A good quality H1, as expected - Whitbread published decent H1 results, with the top line broadly in line with estimates (and 25% above pre-crisis levels) and adjusted group EBIT slightly above estimates (+5% vs ours). The EBIT margin, at 25.4% in H1, was down by just 19bp compared to the H1 2019-20 level despite the exceptional inflationary context. This was despite substantial price hikes at Premier Inn (+21% in Q2 vs +9% in Q1). The hotel business picked up relati...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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