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Paddy Power Betfair

Investor day reinforces US opportunity

The land of opportunity or the home of the brave? We think the former. The Paddy Power Betfair (PPB) investor day in New Jersey reinforced our initial view that the US opportunity is...

Whitbread

Night at the ZIP: bedding down

Whitbread describes ZIP by Premier Inn (its new hotel concept) as doing the essentials brilliantly, but our stay last week at the ZIP in Cardiff (its first week of operation) uncovered...

Hotels

Irish RevPAR positive despite VAT headwind

Irish RevPAR has started 2019 on a solid footing with both Dublin and Regional Ireland reporting positive RevPARs in January despite a 4.5% VAT headwind. The UK is again more mixed with...

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...