All Analysts articles – Page 3
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Analysis & InsightGoodbody on TRG
Restaurant Group will report a Q4 trading update in late January. At this point last year RTN gave full year LFL’s for the group and total sales. We forecast FY LFL sales growth of -0.8% in the Legacy business with LFL sales growth of 8.8% for Wagamama UK (implying a group FY LFL of just above 2%). As a reminder group LFL growth was +3.7% in the first 34 weeks.
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Analysis & Insight
Goodbody on Coffer Peach
The Coffer Peach data for the key 6 week Christmas trading period was released this morning. Sector like for likes were up 2.5%. Both Pubs and Restaurants saw a good LFL trading performance with restaurants +2.3% and pubs +2.7%. Within this wet led pubs slightly outperformed food led. Total sales growth for the cohort was +5.4%. The tracker added a new data point for bars which saw strong growth of 3.9%. The director of Coffer Corp leisure noted that “there is a post election sense of optimism”.
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Analysis & Insight
Goodbody on Mitchells & Butlers
Like for like sales growth for the first 14 weeks of the year to the 4th of January was +2.6% (versus our H1 expectation of c.2.2%) with food +3.0% and Drink +1.8%. Implies growth of +3.5% in the most recent 7 weeks (Food +4% & Drink +2.7%). Total sales growth for the 14 weeks is +2.6%. The festive period showed good LFL sales growth of +5.6% over the three weeks, with +6.5% growth across the 5 key festive days.
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Analysis & Insight
Goodbody on Domino’s Q4 update
We believe investors will begin to focus more keenly on the health of the core UK and ROI business given DOM’s decision to exit its International markets. For H219 we forecast +3.0% LFL sales growth ex-splits, and +1% incl splits, in the key UK division. At the Q3 stage UK LFL ex-splits was +3.0% (+1.4% incl splits) so we essentially expect a continuation of trends, although we would note the comp is more difficult in Q4 so the group will need a good finish to the year.
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Analysis & InsightJ.P. Morgan Cazenove on Marston’s and M&B
After strong outperformance in 2019, we are moving MARS and MAB to Neutral, from Overweight, as the current share prices have now “caught up” to reflect the fundamentals, in our estimation. MAB’s operational performance inflected during 2019, and MARS largely resolved fears around its leverage and dividend sustainability. In addition, ...
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Analysis & InsightBerenberg on City Pub Group
This morning, The City Pub Group (CPC) released a full-year trading update, noting that due to a series of largely one-off issues, 2019 earnings are expected to be modestly below prior expectations. While we only reduce our 2019 sales numbers by c1%, the impact of operational gearing means that our 2019 EPS forecasts come down by c12%. The impact on outer years is far more modest and we continue to believe in CPC’s expansion plans – so while we reduce our price target to 220p, we maintain our Buy rating.
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Analysis & InsightGoodbody on Whitbread
Whitbread - Thoughts into Q3 update, any confirmation of improving trends important
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Analysis & InsightJ.P. Morgan and Goodbody on Mitchells & Butlers
Robust Q120 LFL represents comparison-adjusted acceleration
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Analysis & Insight
Jamie Rollo on pubs under the new Government
UK pubs have been relatively resilient over the past few years, with industry LfL sales running up around 1%.
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Analysis & InsightHedge funds’ involvement a ‘statement of support’ for Pizza Express
The latest development in Pizza Express’s debt dilemma sees big name credit funds enter the frame.
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Analysis & Insight
Goodbody on Whitbread
Following the announcement of Whitbread’s H1 results, Rachel Fox, equity analyst at Goodbody gives her verdict.
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NewsAnalysts’ verdict: Goodbody on Domino’s
Domino’s decision to exit its international markets should be well received by investors, according to Rachel Fox, gaming and leisure analyst at Goodbody.
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Analysis & InsightAnalysts’ verdict: Peel Hunt and Liberum on Loungers
Analysts’ verdict: Peel Hunt and Liberum give their view on Loungers’ full year trading figures.
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OpinionAnalysts’ verdict: Berenberg on Domino’s
Following the publication of Domino’s first half results earlier this month, analysts from Berenberg share their thoughts on the challenges it faces.
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OpinionAnalysts’ verdict: Greene King
Following the news that Greene King could be acquired by Hong Kong-based property developer CK Asset Holdings yesterday, analysts from JP Morgan, Morgan Stanley, and Goodbody give their views on the deal and what it represents for the sector.
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OpinionAnalysts corner: Marston’s
Following Marston’s trading update for the 42 weeks to 20 July 2019, leading analysts from JP Morgan, Peel Hunt, Liberum and Goodbody share their reactions to the figures, which have been described as “slightly disappointing” in Q3.
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Analysis & InsightIs Starbucks’ stardust losing its sparkle?
Three years ago, Starbucks proudly reported trading results for a “momentous year” in which it made its first profits after 17 years of operating in the UK. Profits after tax for the year ending September 2015 came in at £25.8m after a loss of £9.8m the previous year.
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Analysis & Insight
GDPR, CVAs, and the fight for lunchtime: RSM’s half year report
At the start of the year, RSM made some predictions about challenges and trends that the hospitality sector could expect to see in 2019. As the first six months of the year come to a close, partner Paul Newman reflect on those forecasts and looks at the latest trends and shifts in the market.
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NewsAnalysts corner: Goodbody on JDW
On the back of JD Wetherspoon’s latest trading update yesterday, analyst Goodbody gives its views on the pub operator’s performance and said the numbers indicate a good finish to the year.