Whitbread : Weak trends in Q3; cautious message on 2020e; Neutral reiterated
>Figures slightly below our expectations (notably for Premier Inn) - Group sales in the last 13 weeks (ending 29 November) rose by +2.4% (vs. +2.5% YTD), with like1efor1elike sales down -0.6% (vs. -0.7% YTD). Group l-f-l sales were down -0.2% at Premier Inn (vs. ~+0.7% in Q2 and -0.3% in Q1) and -1.5% in Food & Beverage (Pub/Restaurants), vs. ~1e3.3% in Q2 and -1.9% in Q1. RevPar was down by -1.3% l-f-l (consensus -0.8%e), showing a deterioration vs. the 1e0.2% in Q...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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