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H1 trading statement Thursday; key trends to look out for

Ladbrokes Coral will issue a six month trading statement this Thursday, July 27th. The focus will be on revenue growth run-rates since the last update in early May and specifically how...

Jul 26 2017 | David Jennings , Joseph Quinn | Company Report | 8 pages

Feedback from Davy real estate site visit

Davy hosted its fourth annual real estate site visit in Ireland on April 5th and 6th. The general tone continues to be upbeat on the outlook for all sectors – residential has the...

Apr 11 2017 | Colin Grant , David Jennings , Colin Sheridan CFA | Sector Report | 6 pages

The Boomerang effect: upgrading forecasts by 7% to reflect the better-than-expected Australian turnaround

We are increasing our earnings forecasts for Paddy Power Betfair by 3% for 2017 and 7% for 2018 following publication of full-year results and our latest assessment of the outlook for...

Mar 20 2017 | David Jennings | Company Report | 10 pages

Updating estimates post full year results; now forecasting 14% compound annual earnings growth over three years; UK roll-out likely to further supplement growth

We have updated our earnings estimates for Dalata for 2017-2019. We are now forecasting 14% CAGR in EBITDA over the next three years with 17% growth expected this year. By 2019, we...

Mar 3 2017 | David Jennings | Company Report | 4 pages

Key takeaways from encouraging Capital Markets Day

Whitbread hosted an encouraging Capital Markets Day yesterday (November 29th) that was consistent with its long-term model. However, we will not be changing our forecasts due to the...

Nov 30 2016 | David Jennings | Company Report | 3 pages

Q3 results preview: start of an upgrade cycle?

Paddy Power Betfair will release its Q3 numbers on November 4th. We are forecasting total net revenue in the quarter of £392m, which would represent headline growth year-on-year of...

Nov 1 2016 | David Jennings | Company Report | 5 pages

H1 results preview: conservative like-for-like expectations provide potential upside

Whitbread will report H1 results on Tuesday, October 25th. We forecast revenue growth of 9% to £1.57bn, EBIT growth of 6% to £319m and EPS growth of 4% to 132p. Our 9% revenue growth...

Oct 13 2016 | David Jennings | Company Report | 4 pages

Pipeline adds 20% to room stock - an assessment of what this means for group EBITDA in 2018 and 2019

Following H1 results, we have remodelled Dalata to reflect its new reporting style but, more importantly, we are now able to assess the value of its pipeline. Dalata has 925 new rooms due...

Sep 14 2016 | David Jennings | Company Report | 10 pages

Connecting the dots between strategy and earnings potential; why Paddy Power Betfair is primed to deliver earnings upgrades over time; updated valuation yields 22% upside

Paddy Power Betfair’s recent de-rating has created a buying opportunity. While the share price fell on the back of weaker-than-expected H1 Australian earnings, the market seems to...

Sep 12 2016 | David Jennings | Company Report | 34 pages

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