Feb 14 2019
Leisure
Recent Research
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Hotels
Irish RevPAR delivered another strong year, UK more mixed
Dublin RevPAR finished 2018 strongly, up 4.7% in December and bringing the full year to +7.2% (2017: +8.3%), despite the addition of 800+ new rooms into the market. While the VAT increase...
Davy Conviction List
Q4 2018 a period to forget; sticking with our core names; adding Glenveagh Properties and ICG
While the Davy Research Conviction List had a disappointing final quarter in 2018, we believe that all the names on the list still merit inclusion and are significantly oversold. We are...
Year-end Document
Ireland’s call: investment opportunities in 2019
The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge...
Dalata Hotel Group
Pricing in an unrealistic 2019 RevPAR outcome
Dalata’s share price has fallen by 20% since early October. Concerns about oncoming Dublin supply and VAT changes are overdone. We estimate the stock is now pricing in a circa 4.5%...
Davy Conviction List
Removing Kingfisher and HeidelbergCement on earnings concerns
We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...
Paddy Power Betfair
H1 shows solid revenue progress but FY 2018 guidance is reduced
Paddy Power Betfair’s (PPB) H1 results point to solid progress on the revenue front, with a particularly strong improvement in gaming revenue (Q2 +14% versus -4% in Q1). However,...
William Hill plc
H1 core business mixed; US expansion building momentum
H1 results from William Hill (WMH), while mixed, also point to continued progress on long-term goals around online growth (both in and outside the UK), the retail position/cost base and...
GVC Holdings
Announces 50/50 JV with MGM
GVC has announced the establishment of a 50/50 joint venture (JV) with MGM Resorts International to create a sports betting and online gaming platform in the United States. The...
GAN
Launches online casino for Ocean Resort Casino in New Jersey; second licensee in the state
GAN has announced the launch of an online casino for Ocean Resort Casino in New Jersey. It is the group’s second B2B win in the state (it already provides services to Paddy Power...
Whitbread
Three Cs of added value: Costa Coffee China
With Costa Coffee’s spin-off now set in motion, the key question for many investors is how much it is worth. While Costa’s UK business is better understood, partly due to greater...
