Pphe Hotel Share Discussion Threads

[ragehammer] 13/7/2016 13:30

Special dividend of £1 per share from the cash raised from the recent refinancing of the major London and Dutch hotels. A nice result and shows confidence in current trading IMO.

[catsick] 16/6/2016 11:16

All the research tree spam you put up does not give any new info, trying to get you to sign up for a 40 quid a month service, iii should ban website promotion unless they are free to use

[snadgey] 15/5/2016 10:03

Good valuation uplift on its Westminster Bridge Hotel.

[thomasthetank1] 13/5/2016 12:44

Read Edison's note on RANK GROUP PLC (RNK), out this morning, by visiting hxxps://www.research-tree.com/company/GB00B1L5QH97

"Rank’s 10-month IMS showed a solid performance in its venues and strong growth in Grosvenor digital, an important growth driver for the group. News of softer trading in Mecca digital since the recent platform migration is slightly disappointing, but it is early days and Rank has good organic growth prospects as it moves towards a true multi-channel offering, potentially augmented by acquisitions if the right opportunities arise. Our profit estimates are unchanged and the balance sheet is very strong. The 2016e EV/EBITDA of..."

[thomasthetank1] 13/5/2016 12:44

Read finnCap's note on PPHE HOTEL GROUP LTD (PPH), out this morning, by visiting hxxps://www.research-tree.com/company/GG00B1Z5FH87

"PPHE recently completed its Croatian acquisition, setting the scene for additional growth opportunities, and has now also refinanced Park Plaza Westminster on improved terms. Management has yet to detail its full plans for growth in Croatia but we have updated our forecasts based on historic results, the cost of the deal and a cautious assumption on growth. We have..."

[catsick] 13/5/2016 08:35

The other very interesting thing is they have gote a really good rates on this very long term loan from an insurance co not a bank, they are currently paying berween 5 and 7% for gbp and the new loan is 3.8% fixed 12 years so cuts the interest bill on a large chunk by about 40 percent , they mentioned they are doing major refinancing, this could all easily add 20% to the bottom line !

[sogoesit] 12/5/2016 13:39

So if every property were revalued at market where would that put the NAV?
Any ideas?

[catsick] 12/5/2016 13:07

Yes thats quite an eye opening premium to book value 370million vs 144 million , at a very low rate for 12 years fixed, really shows how much value they have added building these hotels, and there is a nice pipeline too of more projects being built !

[davidosh] 12/5/2016 12:46

Very good news...refinancing of Westminster Bridge Hotel. New valuation of £370m vs book value of £144m at Dec 2015. new £180m facility secured on that hotel vs current debt on that hotel of around £104m. So frees up cash and LTV looks fine at sub 50%.

[sogoesit] 28/4/2016 07:27

Carlson and part of Rezidor being bought by Chinese group HNA:
hxxp://www.foxnews.com/world/2016/04/27/china-hna-to-buy-radisson-operator-carlson-hotels.html

[sogoesit] 31/3/2016 04:57

Oh, its lunch time here, bench, .... in Singapore ;-)
Thanks for feedback.

[bench2] 23/3/2016 14:03

Wow , a touch of insomnia Sogoesit judging by the time of your post . I agree Macau / Atl City very much gambling related and so far Apart hotels a direct rival . The problems at the 5 star level in Paris , where Hotel Bristol , G Cinq etc complained about the top end AirBB taking some very valuable custom has not happened in London yet

[sogoesit] 23/3/2016 02:01

Thanks for your view bench2... especially on the risks.
Macau and Atlantic City are highly specific cases (gambling) but your point is well taken.
AirBnB disruption is an interesting one... that, for now, doesn't appear to have made a dent. My view is that Airbnb competes with an "Apart-Hotel" rather than a full service/conference/resort hotel.
I have been in the Far East for a few weeks and checking AirBnB. There is availability in the major cities, but not much, and what is available tends to be priced higher than a 3/4 star hotel and the Apart-Hotels. Using AirBnB is also a matter of trust so, I imagine, using a property owned by someone of your own culture would be preferable. It may not be the ubiquitous model that Uber can promote.
There is also a value cushion at the current price for the risk. How long that continues is then the question.
My decision has been to stay at Apart-Hotels since there is basic service included but this price/service relationship can change with season, holidays or major conferences.

[defender16] 21/3/2016 19:39

That sounds like you are trying to ramp it up

[defender16] 21/3/2016 19:38

That sounds like you are trying to ramp itbup

[catsick] 21/3/2016 09:50

Ok didnt realize they were still a bit stale ! Anyhow there has been substantial value add to the london assets over that time, also with the Chinese paying way over the odds now for good hotel assets we could be looking at 20 quid (-::

[sogoesit] 21/3/2016 02:52

Chart is very bullish (upward expanding triangle)... tried to buy at 760p on friday but no luck.

[stevie blunder] 17/3/2016 20:18

It does say this in the AR

2 The indicative fair value adjustment on book value properties represents the difference between the book value of the Group’s owned properties and the market
valuations, which for the majority of the assets were performed in or after 2013.

so not exactly current, but not that old either. Although it doesn't say how they were performed I would assume it was by external experts.

I'm not a shareholder, just doing my DD and getting quite interested :-)

[sogoesit] 17/3/2016 13:18

I'm not with you there catsick.

The research I did before purchasing this stock suggested that assets are currently valued at historical book cost. When I referred to "waiting for a property revaluation" above I meant a revaluation to current market value of the hotels (assets) by an independent body and, thereby, a write-up of assets in the accounts.
In fact I found this comment by the CFO in the results which alludes to this issue:
"When analysing this difference in values, the Group remains undervalued as these values do not appreciate that net asset value includes its properties at historical cost, less depreciation. As the capitalisation table on the next page indicates these book values are considered to be EUR507 million below their fair market value."

Is this the discrepant valuation that you are referring to to come to your 1550p NAV?
I make e507m equivalent to 928p/share with 42m shares in issue.
[With e364m in net assets ("Capital employed" with assets valued at book cost less depreciation) making 667p/share the additional e507m equates to a total NAV of 1595p.] - Edited on 18/03.

The fact remains that the company has not carried out a revaluations of its assets by an independent valuer... which I await... eagerly... as soon as possible...:-)

[catsick] 17/3/2016 10:59

The revaluation was given in the results, thats where I got the 15.5 from they are explained in the section discussing assets vs borrowings

[sogoesit] 16/3/2016 14:19

Still waiting for a property revaluation.
Dont know about catsick's 1550p target but will be substantial given the London property portfolio and the cash generation from these. Think 750p just catches up with the past.
Core holding for me.

[snadgey] 10/3/2016 08:56

Very good long term hold

[catsick] 10/3/2016 08:05

Rxcellent results , new nav 15.5 gbp with current valuations !