reports
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Anna Barnfather
- Nishant Dahad
LIBERUM: SSP Group - Upgrades from new wins and faster PAX recovery
Recovery momentum continues, with sales at 104% of pre-Covid levels in 1H23E, increasing to 111% in the last six weeks as SSP enters its peak leisure season. Given the strong trajectory and PAX recovery, management is now guiding for FY23E (September year-end) earnings at the top end of previous guidance. We slightly nudge up our already top of the range FY23E forecasts, with bigger upgrades to later years from higher net new wins (from £550m to up to £600m by FY25E and £625m by FY26E) and Midfi...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
LIBERUM: Analyst Best Ideas - Most & Least Preferred Ideas from Liberu...
Liberum's research coverage encompasses more than 300 stocks across 12 pillars. Each quarter we ask our sector teams to list their most and least preferred stocks on a six to 12-month time horizon. Stock selection is largely limited to those names listed in the FTSE 350 and STOXX 600, eliminating less liquid names, and is driven by analysts’ preferences, rather than total shareholder return.
J2B EXPERIAN PLC
AHT ASHTEAD GROUP PLC
KLR KELLER GROUP PLC
MGAM MORGAN ADVANCED MATERIALS
7CT CENTAMIN PLC
HVO HVIVO
ABDP AB DYNAMICS
CARD CARD FACTORY
DOM DOMINO'S PIZZA GROUP PLC
OCI OAKLEY CAPITAL INVESTMENTS
RMG ROYAL MAIL PLC
CTEC CONVATEC GROUP PLC
IAG IAG
SSPG SSP GROUP PLC
TRN TRAINLINE PLC
TRR TRIDENT ROYALTIES
- Liberum Research Team
- Liberum Research Team
- Anna Barnfather
- Nishant Dahad
LIBERUM: SSP Group - Continuing along its flightpath
SSP’s trading update for the first four months of FY23E showed continued momentum, with Group sales at 103% of 2019 levels. This is despite the impact of weather and flight cancellations in North America and rail disruption in the UK. Revenue growth should further accelerate over the peak summer months with lead indicators pointing to resilient leisure demand and growth in air passenger numbers. Additionally, net contracts wins of £550m are mobilising on schedule, with further wins in the pipeli...
- Liberum Research Team
- Liberum Research Team
Increased risk weighs on SSP GROUP, penalising its rating down to Sli...
The independent financial analyst theScreener just lowered the general evaluation of SSP GROUP (GB), active in the Restaurants & Bars industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date April 1, 2022, the closing pric...
- Sam Hart
SSP Plc - Initiation of Coverage
We initiate coverage on SSP Group, one of the world's leading operators of food & beverage concessions in travel locations. Sam Hart's research note examines the potential for long term structural growth in air travel worldwide; furthermore, it also looks at the scope for SSP's expansion outside the UK and Continental Europe particularly in new markets such as North America and India. The note assesses how cash generative the business is and measures the strength of the balance sheet, analysing ...
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