PPHE Hotel Group Limited

PPHE has released its usual Q1 trading update (31 March period-end) which reads reassuringly. The outlook says that “the Board remains confident in delivering full year performance in line with market expectations”. Revenue rose by 11.9%, from £68.8m to £77.0m. Growth was 11.0% on a Like-for-like (LFL) basis excluding the first three months of operation from art’otel Zagreb, Croatia. Revenue growth was driven by a rise in occupancy as room rates continued to normalise across both leisure, corpo

PPHE Hotel Group Limited

PPHE’s FY23 results read well, with EBITDA of £128.2m, 3% above our estimate of £124.8m. In the year-end trading update, issued on 25 January, PPHE said that it expected EBITDA of at least £127.0m.

PPHE Hotel Group Limited

PPHE, headquartered in Amsterdam, is an international hospitality real estate group which develops, owns and operates assets in Europe in leading cities, urban markets and resort destinations, focused on the affordable luxury market. The Group is unique amongst the European quoted peers in owning its assets, at around 90% of total, and a major proposition is its ability to develop, redevelop and redesign assets

Hybridan Small Cap Feast 27/10/22

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Hybridan Small Cap Feast 18/05/22

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PPHE Hotel Group - Checking back in

PPHE has accompanied news of continued strong leisure-based recovery with an EPRA NAV per share of £20.85 at June 2021, almost unchanged in H121 despite COVID-19 restrictions, highlighting the company’s resilience from a property perspective. Encouragingly, the recent joint venture on prime London assets (Riverbank and art’otel hoxton) not only endorsed this valuation (44% premium to current share price), but also released £114m for future growth to management with an impressive development reco

PPHE Hotel Group - Phased recovery expected

PPHE’s FY20 results demonstrate how well management has managed operating costs and cash in what is described as ‘the most testing year’. Management enters FY21 with a confident message on liquidity and its commitment to medium-term development plans. The success of vaccination roll-outs produces a more favourable outlook than for some time. Management points to an ‘encouraging early uplift’ in demand in the UK following the new timetable for easing restrictions and early signs of potential reco

PPHE Hotel Group - Leisure demand recovering

PPHE’s H120 results, more notably those from Q220, reflect the full impact of COVID-19 lockdowns on demand, and the substantial progress that management has made in managing the cost base and cash burn. Demand from the leisure sector has returned relatively strongly but the rate of potential recovery in business travel remains uncertain. In recent weeks, the group’s average occupancy level of c 35% is above the 30% required for operational break-even with government support for jobs and business

PPHE Hotel Group - Termination of coverage

Edison Investment Research is terminating coverage on ADMIE Holdings (ADMIE), AJ Lucas Group (AJL), Australis Capital (AUSA), Elbit Medical Technologies (EMTC), Focusrite (TUNE) and PPHE Hotel Group (PPH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

PPHE Hotel Group - Managing costs well in tough environment

The travel bans and quarantines due to COVID-19 have had a significant impact on PPHE since mid-March and are likely to continue to do so. We now expect a deeper and longer downturn than previously and a slower recovery, so we reduce our forecasts for occupancy for FY20, while holding our prior EBITDA margin assumptions reflecting cost cutting and a high level of government support on key costs. We downgrade FY20 revenue by c 32% and EBITDA by c 29%. The shares are trading at a c 54% discount to

Small Cap Feast

PPHE Hotel Group - Cost cutting for uncertain times

The trading update, following the update on 12 March 2020, highlights the expected drop in demand due to the COVID-19 virus, and strong actions by management to cut costs and preserve cash in the uncertain environment. We leave our forecasts unchanged following our recent downgrade of EBITDA for FY20e by 14%, but now assume no dividend payment in FY20, following the cut of the proposed final dividend for FY19 of 20p. The shares are trading at a discount of 68% to the EPRA NAV, and the majority o

PPHE Hotel Group - Elevated discount to NAV

PPHE’s FY19 results were in line with our expectations, with RevPAR outperformance in most markets in which it competes. FY20 looks a more challenging year due to the threats to travel from the outbreak of the coronavirus, as well as tough comparatives. The company has a history of outperforming its peers in good and tough markets and has the benefit of maturing room stock in key markets. In the long term, the development pipeline continues to look promising. We downgrade our EBITDA forecast for

PPHE Hotel Group - Encouraging end to the year

PPHE’s FY19 trading update is solid, meaning that management is confident of meeting expectations. FY19 like-for-like (l-f-l) room revenue growth of 6.3% follows 6.7% growth in FY18. At this stage, typically, detailed commentary on the performance at individual country level is limited. Management has indicated that trading is benefiting from the £100m investment programme, and therefore the key drivers of growth in FY19 were London and the Netherlands. FY20 will continue to benefit from the two

Small Cap Feast

Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.

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Zeus Building Products and Construction Round-Up - 5 June 2024

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ME Group - Modernising and growing the estate driving growth

During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main