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PPH

Pphe Hotel Group Limited

1,090.00
5.00 (0.46%)
Share Name Share Symbol Market Type Share ISIN Share Description
Pphe Hotel Group Limited LSE:PPH London Ordinary Share GG00B1Z5FH87 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  5.00 0.46% 1,090.00 11,932 16:29:11
Bid Price Offer Price High Price Low Price Open Price
1,085.00 1,090.00 1,100.00 1,075.00 1,075.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Hotels And Motels 342.73 10.16 22.90 45.00 462.58
Last Trade Time Trade Type Trade Size Trade Price Currency
16:56:46 O 16 1,090.055 GBX

Pphe Hotel (PPH) Latest News

Pphe Hotel (PPH) Discussions and Chat

Pphe Hotel (PPH) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:56:481,090.0616174.41O
15:35:431,090.0011119.90AT
15:35:391,090.004,41248,090.80O
15:35:101,090.004,30046,870.00UT
15:29:111,090.005005,450.00AT

Pphe Hotel (PPH) Top Chat Posts

Top Posts
Posted at 01/5/2023 19:37 by m_kerr
very difficult company to get the gist of IMV. some non standard transactions which muddy the waters, and which makes me doubt that the share price will ever reflect NAV.

quite high gearing and the sector they're in surely means things can get messy very quickly, though they do not have much lease exposure which significantly mitigates that risk. they do seem pretty savvy operators though and work very hard to drive NAV higher by recycling capital and partnerships.

Posted at 21/2/2023 20:53 by its the oxman
Mr Putin is not helping but surely plenty is now in the price at this level.
Posted at 21/2/2023 08:07 by catsick
I'm back into these after being out for a few years after a nice run from 2 pounds to 15 , these are primed to do well, extremely well run company , weathers storms well although the share price doesn't reflect it, at well below half book value and enjoying extremely high room rates still we should see a healthy recovery in the share price at some point in the next couple of years
Posted at 05/6/2020 10:51 by suetballs
I think pph will take a while to really get moving. Not many will want to stay in a hotel at the moment.
But by the end of the year I believe this will be a lot higher.
A vaccine would also make a massive difference.
Suet

Posted at 25/6/2019 16:03 by sogoesit
European Airlines flagging tourism demand and effects on profits I think has washed-over PPH. I say washed-over as retail sales also imply the "rainy season" has "delayed summer" in UK.
But, PPH with a GBP and Euro portfolio and in UK (cheaper GBP attracting tourists) will probably come out neutral to positive over the year given Euro revenue.
That's my guess so I'm adding on the pull-back.

The pull-back has taken the share price to the lower trend line in the channel (CAGR: +54%). The upper trend line is at about 1950. This for weekly chart.

Posted at 12/6/2019 22:52 by sogoesit
There have been recent disposals so the picture has changed.
The “tightly held” portion, considered a concert party, are now below 50%.
See the various RNS relating to getting into the FTSE-250 and the one about disposals here:
htTps://www.investegate.co.uk/pphe-hotel-grp-ltd--pph-/rns/result-of--149-million-secondary-placing/201903261519180728U/

The free float is now about 54%. However, it still acts as a fairly illiquid stock. Which is good in my view... if you have patience. Still undervalued on a NAV basis.
A nice little compounder since 2013. Keep accumulating and looking for 5 to 10 bags in next few years.

Posted at 10/6/2019 17:32 by bench2
This may be quite a squeeze as the stock is tightly held , however under current rules only the free float will go into the 250/All-Share ... from memory circa 30% , as I believe the insiders still own about 70% of the company .
Posted at 06/6/2019 07:15 by sogoesit
To be a member of FTSE 250 and FTSE All Share Indices from 24 June 2019.
Should see an uplift in the share price over next couple of days.
[EPRA NAV about £24].

Posted at 29/6/2018 15:53 by sogoesit
Edison Upgrades today, indicative £24/share NAV:

htTps://www.edisoninvestmentresearch.com/research/report/pphe-hotel-group337906/full

"PPHE has accompanied news of its proposed transfer to a premium listing with a significant increase in market valuations of its properties (up c £140m since last reported). This accentuates already substantial hidden reserves, implying fair value c £24/share. Value creation apart, this should boost its ability to leverage on its assets for future projects. Even given current share price strength (up almost a third since March), PPHE’s rating reflects neither this asset backing nor excess liquidity (c £290m cash equivalents at end 2017), which highlights its reinvestment potential.
Premium listing
Travel & leisure
29 June 2018
Price
1,430p
Market cap
£605m
Net bank debt (£m) at December 2017
408.1
Shares in issue
42.3m
Free float
23%
Code
PPH
Primary exchange
LSE


Business description
PPHE Hotel Group (formerly Park Plaza Hotels) is an integrated owner and operator of four-star, boutique and deluxe hotels in gateway cities, regional centres and select resort destinations, predominantly in Europe.
Analysts
Richard Finch
+44 (0)20 3077 5700
Paul Hickman
+44 (0)20 3681 2501
consumer@edisongroup.com
Edison profile page
PPHE Hotel Group is a research client of Edison Investment Research Limited

Following its admission to the Official List in 2011, PPHE proposes to move from a standard to a premium listing by the end of July, subject to financial authority approval. Besides validating the company’s quality, this should improve liquidity by providing exposure to a larger investor base and raise its trading profile.
As part of the proposed transfer, PPHE sought independent valuation of its UK and Netherlands estate (15 properties, c 80% of group asset value). This showed a surplus of £639m over book value at April, against £500m+ indicated by refinancings over the previous two years (see 2017 Annual Report). NAV computation should also take account of £56m higher property book value at April, driven by the Hoxton addition. This gives a total c £200m boost to valuations (£139m extra from fair value and £56m from expansion). This would be yet higher if Croatia were included (£26m surplus of current value of investment in Arena over book value at December). Fair value adjustment is thus c £16 (£639m+£56m/42.3m shares) to reported 812p NAV, hence indicative c £24 NAV".

Posted at 12/3/2018 11:37 by sogoesit
Edison notes today:

"PPHE Hotel Group
Fraught with Opportunity

PPHE has delivered a strong set of results for 2017. The 14% EBITDA gain was ahead of our expectations, largely owing to core resilience in London, the company's major profit source, despite a demanding H2 comparative and notable market slowdown. The new properties (Waterloo and Park Royal) also surprised. While 2018 is transitional as management reviews deployment of its greatly enhanced flexibility (c £290m cash equivalents at end-2017), there should still be good progress thanks to recent openings and current momentum. Indeed, our new 2019 forecasts may prove cautious, given such investment potential. PPHE’s modest rating reflects neither this excess liquidity nor its asset backing (fair value c £20/share).

Business description

PPHE Hotel Group (formerly Park Plaza Hotels) is an integrated owner and operator of four-star, boutique and deluxe hotels in gateway cities, regional centres and select resort destinations, predominantly in Europe.

Next events IMS May 2018

Analysts

Richard Finch
+44 (0)20 3077 5700
Paul Hickman
+44 (0)20 3681 2501
consumer@edisongroup.com

Edison profile page

PPHE Hotel Group is a research client of Edison Investment Research Limited


H2 bucks headwinds

As 23% higher H1 EBITDA was driven by recovery in London, a gain of 9% in the half-year to December is no less creditable, given clear slowdown in the capital and major refurbishments in the Netherlands. With core London RevPAR flat in H2 (our estimate), PPHE looks in line with the market, while its flagship Westminster Bridge again markedly outperformed its peers. However, unsurprisingly, cost pressures (eg payroll and property taxes) were to the fore, hence core London EBITDA was apparently down slightly, if by less than we forecast. Waterloo (especially) and Park Royal are stabilising rapidly with an impressive first contribution. Croatia was buoyant (local currency double-digit RevPAR growth) and the Netherlands resilient (RevPAR +3%) despite renovation works (local currency EBITDA down by a quarter).

Developments may well surprise forecasts

On stated investment plans, we are comfortable with existing 2018 forecasts, detailed on page 2, bar minimal adjustments. EBITDA growth will be driven by recent investment in London and Croatia, while H217 suggests costs may be less punitive in core London than feared (we still expect lower margin), even if our RevPAR is now curbed from +2% to flat. 2019 is less clear as management focuses on exploiting flexibility after Waterloo’s sale and leaseback and Arena’s fund-raising.

Valuation: Deals to showcase value creation

Record share price strength suggests overdue recognition of PPHE’s investment case. In particular, the market discount to fair value is highlighted by refinancing valuations that show an excess of £500m+ over book value. Expected investment activity should only accentuate this and draw attention to the company’s strong development record. At 8.0x 2018e EV/EBITDA excluding Waterloo finance lease, the rating is low against an average of c 11x 2018e for branded European peers."

Pphe Hotel share price data is direct from the London Stock Exchange
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