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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>PPHE has again ended the year on a strong note, which is positive given the significance of Q4 and a demanding comparative. Overall rate-led RevPAR buoyancy (we estimate double-digit like-for-like gain in the quarter), driven by continued pickup in London and currency, reinforces confidence that 2016 profit expectations will be met. 2017 should see initial material benefit of transformative investment (c 900 rooms in London) despite the delayed opening of Park Royal (now likely by end Q117). </p>

PPHE has again ended the year on a strong note, which is positive given the significance of Q4 and a demanding comparative. Overall rate-led RevPAR buoyancy (we estimate double-digit like-for-like gain in the quarter), driven by continued pickup in London and currency, reinforces confidence that 2016 profit expectations will be met. 2017 should see initial material benefit of transformative investment (c 900 rooms in London) despite the delayed opening of Park Royal (now likely by end Q117). 

<p>Transformative investment is set increasingly to benefit PPHE. While consolidation of its Croatian resort businesses is already paying off (double-digit rise in room rate in Q3), imminent expansion in London (c&nbsp;900 rooms) and extensive renovations should bring a step change in growth opportunity. Meanwhile, PPHE&rsquo;s Q3 trading update expressed confidence it should continue to brave headwinds to meet its 2016 results expectations. Strong finances are evident in August&rsquo;s special dividend of 100p/share and successful hotel refinancings, which underline substantial hidden reserves (&lsquo;fair value&rsquo; adjustment of c&nbsp;1,000p/share to reported 803p NAV).</p>

Transformative investment is set increasingly to benefit PPHE. While consolidation of its Croatian resort businesses is already paying off (double-digit rise in room rate in Q3), imminent expansion in London (c&nbsp;900 rooms) and extensive renovations should bring a step change in growth opportunity. Meanwhile, PPHE&rsquo;s Q3 trading update expressed confidence it should continue to brave headwinds to meet its 2016 results expectations. Strong finances are evident in August&rsquo;s special dividend of 100p/share and successful hotel refinancings, which underline substantial hidden reserves (&lsquo;fair value&rsquo; adjustment of c&nbsp;1,000p/share to reported 803p NAV).

Netherlands

PPHE Hotel Group Ltd owns and operates full-service upscale hotels throughout Europe and the Middle East. The Company owns, co-owns, leases, franchises, and manages full service upscale hotels in major gateway cities, and regional centers throughout Europe and the Middle East.

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PPHE Hotel (PPH LN)

Going to plan

PPHE has again ended the year on a strong note, which is positive given the significance of Q4 and a demanding comparative. Overall rate-led RevPAR...

Edison Investment Research

Time to check in

Transformative investment is set increasingly to benefit PPHE. While consolidation of its Croatian resort businesses is already paying off...

Edison Investment Research

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