Pphe Hotel Share Discussion Threads

[douglasallen] 04/1/2013 14:44

Sure Cel..

NAV as of june 2012 was €6.07 a share.

Debt increased to €477mil, however this was due to increasing ownership in 9 Netherlands hotels.

Net equity is €200mil or ~400p a share. That is total assets - total liabilities.

Debt is well within covenants and agreements on debt are until 2015-2018.

Here is some more information on the hotel development pipeline.

EPS set to be around 37p per share for this year.

[celeritas] 04/1/2013 14:14

PPHE Hotel Group has applied for planning permission to construct a new hotel at the front of the Site. If planning permission is not obtained by 14 December 2012, PPHE Hotel Group is required to repurchase the Site at an effective price of approximately £7.6 million

DA, do you know any more about the planning for this hotel.




Do you have the total NAV and current debt level

[douglasallen] 04/1/2013 13:31

Would like to know other peoples thoughts and opinions on PPH.

It's a bit lonely atm.

Cheers!!

[douglasallen] 04/1/2013 13:14

Just jumped in here....

Way too cheap on a variety of metrics, good assets, good trading and improving conditions.

Roll on 300p+.

Other than the debt, which i am not to fussed about as the net shareholder equity is €200mil or 400p a share, I cannot understand why this stock is so cheap.

Just a case of being patient and waiting for the value to out itself.

[douglasallen] 04/1/2013 13:10

Found PPH last night when doing some stock screens.

This stock is an absolute gem, I have put an order with my broker today to pick up some stock.

PPH is not just cheap in a general sense, but it is so undervalued compared to peers, on several valuations, P/E, Assets, Yield, Price to cashflow.

Yielding over 5%, 7.7x P/E, growing at 15%+ a year!! Net equity per share is 400p based on hotel NAV - liabilities and a lot of the hotels are central London so highly liquid. Also if the yield was to normalise to the industry average around 2.5-3.0% then the share price would need to appreciate to around 400p. Based on the sector average P/E the share price would be between 364-420p.

Looking for 400p in the next 6-12 months. This valuation gap won't last for long as the company have said that they are exploring ways to release equity value from the London hotel assets and expect to announce in Q1 2012.

Nice uptrend on the charts too, should see PPH slowly tick up as the valuation gap disappears.

GLA.

[douglasallen] 04/1/2013 13:01

Company website -

Edison research note -

Investec Bank currently have a BUY rating on PPH with price target 330p

Current yield ~5%, sector average yield (IHG, WTB, MLC) ~2.5%

---P/E - Price to Cashflow
PPH 8.01 3.01
IHG 17.94 8.68
WTB 15.98 10.04
MLC 14.27 10.57

[whealan] 07/11/2012 10:29

Mind you, you could have made a lot of money on Tesco over the years until they were rumbled. There are a lot of people who don't demand much but the worm finally turns.

[stevenlondon3] 07/11/2012 09:30

The overall reviews on hotel.com look more positive but there is certainly room for improvement.

[whealan] 06/11/2012 12:44

I care and have been watching this share for a while. One thing that worries me though is the poor standard of hotel staff (and therefore management) if TripAdvisor reviews are to be believed. Some of the tales are horrific.

[stevenlondon3] 06/11/2012 09:19

Company today has announced earnings will be ahead of market expectations. Does anyone else care?

[foxman14] 08/3/2012 08:06

Anybody else involved here?
I make that a big beat on both eps and the dividend.

[oregano] 08/7/2011 12:05

there are people like Edison & Matrix who produce sponsored research, which carries the obvious health warning - use for info purposes only. I have never heard of this mob, so no idea on credibility. Generally it is hard to get hold of insitutional research, and I think legally there are restrictions on what can be distributed to PIs.

[attrader] 06/7/2011 18:06

cheers, thanks for sharing.

I wish I got to know about it immediately after they released the note. Still well into profit though.

Looking to find out how to to keep track of broker research as that can potentially lead to good opportunities. However, not sure where to go or which source is the best to go for . I know Igindex releases daily updates on brokers upgrades/downgrades but they don't supply broker research....

[oregano] 01/7/2011 15:53

forwarded by a friend. If the full note materialises next week I'll post the link again.

[attrader] 01/7/2011 15:24

I am in oregano. Looking pretty strong .

And good find for the research note. Do you mind me asking how did you get hold of it ?

[oregano] 01/7/2011 14:15

Anyone here involved? there has been some light volume today but nothing huge. MMs appear short.

[oregano] 01/7/2011 12:05

not stopping for breath, £3 would still be a 60% discount to net assets

[oregano] 01/7/2011 10:57

Here is a link to the note.

[oregano] 01/7/2011 09:51

The following is the text of a note from Hardman & co, a larger note is due to follow. PPH has just moved to a full listing to enable a wider section of fund managers to buy it. And a yield is on its way. What's not to like?

A property revaluation at Park Plaza Hotels shows Net Asset
Value Per Share of 723p – more than four times the current
share price. This is a major uplift on the 438p shown in the
Annual Report issued at end-May.
Excluding intangibles, the NAV is 624p.

This is the second time recently that Park Plaza has slipped
through a favourable piece of news to investors unnoticed. In
the Annual Report, the company stated that it would pay a
maiden dividend "commencing in 2012" of "at least 3p a
share".

The property valuation has been undertaken by Colliers and
Savills as part of the documentation for the upgrade of the
share quote from London's AIM to the Full List.
The valuation by Colliers of the Westminster Bridge Park
Plaza Hotel, the new 1,019 room property that is the jewel in
the Park Plaza portfolio, is for UK£175m, vs the book value in
the December 2010 annual report of €160.5m. It is net of the
535 hotel rooms that were sold to private investors as part of
the financing process. It gives Park Plaza Hotels 54% Loan
To Value cover on the drawn down part of the new 2018 term
loan agreed on this property at the beginning of June.
The valuation for the remaining hotels has been undertaken
by Savills. It is for the other UK hotels and the hotels in the
Netherlands. It shows a surplus of €157m over the valuation
in the Annual Report.

Both valuations are on market value, with some reference to
DCF methodology. Digging into the numbers of the individual
hotels, they appear utterly reasonable to us. The Park Plaza
Victoria, for example, is valued at UK£340,000 a room, and
studio apartments in that position would fetch more, even
before allowing for value in the catering/conference areas.
The Park Plaza Leeds, where there is a residential apartment
glut, is valued at only UK£91,000 a room.
The valuation excludes the German property leases – in other
words this 723p/share NAV ascribes no value to them. So the
figure is undoubtedly conservative.

The higher NAV very much reduce any concerns that may
remain about the level of gearing, especially after recent the
replacement of short term debt with term loans.
A full research note will be issued shortly.

[the white house] 20/5/2008 12:07

Is there anybody out there following this one down??

Seems the projects keep popping up & sound good but price has halved in a year...

Up a bit today, any reason ?...

How is county Hall doing, great site on the face of it

any views welcomed

[jlrussell] 25/5/2005 13:31

So what happened to Propan? rto? suspended?

anyone with info, tia...

[rbryant] 31/5/2003 00:50

RCT, what changed your mind since August last?

[rcturner2] 30/5/2003 13:32

It just fell to a level that was irresistable really - got in at 7.5p.

On PE and yield it was a stupid price. I had been in contact with the company and got a full response on the email from a director that hinted strongly that they can maintain eps growth (albeit at a low level). Taking a punt really that they can grow the business.

[rbryant] 30/5/2003 11:49

Specifically?