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Dalata Hotel Group

Focus on the cash

Investor attention over the past year has focused on slowing RevPAR growth. However, this overlooks the continued growth in free cashflow. Dalata now has one of the highest...

Flutter Entertainment

Positioning for growth in a changing gaming sector

Flutter Entertainment’s (Flutter) acquisition of The Stars Group (TSG) reflects the now much-changed opportunity and risk set for the global gaming sector. It should materially improve...

Irish economy

Brexit extension should benefit Irish government bonds and equities

The strong performance of Ireland’s economy and Irish asset prices (banks, homebuilders, government bonds) have diverged in 2019, reflecting Brexit fears. This provides an opportunity...

Flutter Entertainment

To acquire The Stars Group

Flutter Entertainment’s proposed acquisition of The Stars Group (TSG) represents a truly transformational deal for both the company and the industry. We see strong strategic merit...

Dalata Hotel Group

Strong H1 2019 operating performance

Dalata’s H1 2019 results are above our forecasts. Slightly softer RevPAR data in Dublin have been offset by a strong revenue performance at new hotels and extensions as well as...

Hotels

July RevPAR remains slow in Dublin

Dublin’s RevPAR slowed further in July as VAT headwinds (4.5%) and growing supply combined with a softer demand environment. Regional Ireland remains positive – growing rate again during...

Flutter Entertainment

Reflections on a challenging but productive first half

In many ways, Flutter Entertainment’s (Flutter) H1 performance followed an expected pattern. On the one hand, its Australian and US positioning continue to drive value (our estimated...

William Hill plc

Green shoots appearing?

William Hill has reiterated 2019 guidance despite a difficult first half. The challenging nature of 2019 will come as no surprise and the group appears to have entered H2 with renewed...

Hotels

H1 RevPAR finishes better in June

Dublin’s positive performance in June should help to offset concerns raised from a weaker May (driven in part by an exceptionally strong yearly comp that month). As the supply/demand...

Paddy Power Betfair

Improving Australia performance a core group catalyst; upgrading stock to ‘Outperform’

Post the significant regulatory changes in 2018, we believe that Paddy Power Betfair’s (PPB) addressable Australian market can grow at double-digit pace over the coming years. The...