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
  10.00 1.03% 980.00 33,376 16:29:45
Bid Price Offer Price High Price Low Price Open Price
965.00 980.00 980.00 950.00 980.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 307.06 41.71 80.93 12.1 416
Last Trade Time Trade Type Trade Size Trade Price Currency
17:17:12 O 5 980.049 GBX

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Pphe Hotel Daily Update: Pphe Hotel Group Limited is listed in the Travel & Leisure sector of the London Stock Exchange with ticker PPH. The last closing price for Pphe Hotel was 970p.
Pphe Hotel Group Limited has a 4 week average price of 700p and a 12 week average price of 700p.
The 1 year high share price is 2,160p while the 1 year low share price is currently 700p.
There are currently 42,398,188 shares in issue and the average daily traded volume is 39,945 shares. The market capitalisation of Pphe Hotel Group Limited is £415,502,242.40.
sogoesit: Edison Upgrades today, indicative £24/share NAV: htTps:// "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 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".
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 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."
sogoesit: This is from free part of Research Tree Edison on 09 May: "PPHE has consolidated a H216 recovery with a “strong” start to 2017. The 21% like-for-like RevPAR gain in Q1, albeit on weak comparatives and currency-boosted, implies double-digit yield growth in key UK and German markets, which is impressive in uncertain times. Full-year prospects remain positive, boosted by transformative investment in London and Croatia, now the subject of major fundraising by its Arena subsidiary. Potential asset sales and associated return to shareholders, as in 2016, could be a significant catalyst for a share price at a huge discount to real asset value. The 21% like-for-like RevPAR increase is necessarily striking, so should be seen against a soft first quarter in 2016 after the Paris attacks and a c 11% positive currency effect. Although detailed regional performance in Q1 is not disclosed, we may infer at least double-digit gains in London and Germany since Amsterdam was apparently relatively quiet and Croatia was not significant as Q1 is low season. Such a performance was broadly in line with the London market, as newly reported by STR (+11%), IHG (+12%) and Millennium (+14%), amongst others. While the overall yield gain is well ahead of our full-year estimate, we are holding forecasts as Q1 is least representative and H216 proved particularly strong. Nonetheless, positive signs abound, notably continued resilience in London (+17% per Millennium in April), confirmation of the imminent full openings of Waterloo and Park Royal and encouraging summer bookings in Croatia. PPHE should further benefit from the current offering by its Zagreb-listed subsidiary Arena Hospitality, which is expected to raise c £85m for expansion in Croatia and central Europe. At 9.3x 2017e EV/EBITDA, PPHE’s valuation is undemanding against an average of c 10x 2017e for branded European peers."
trytotakeiteasy: Good to see a share price increase ahead of the full year trading update... I was in the area and so had a look at Westminster Bridge Park Plaza and County Hall Park Plaza from the outside. I also saw an estate agent selling was selling a buy to let hotel room in the former for £300k. From what I recall Westminster Bridge used outside room investors to get the hotel off the ground. A number defaulted and as such the company kept their deposits. General thoughts on the hotels were that they are a grade above say a Premier Inn or a Travelodge. For example, some of the Park Plaza's have swimming pools. The new Park Plaza at Waterloo seems to have fairly high hotel room rates so should be a success. However, the Royal Oak hotel doesn't appear to have opened by the end of 2016 as planned. What was particularly notable from my quick look at the hotels is that they are very well located for the tourist trade around Westminster and the South Bank.
sogoesit: Here is the article mentioning £20, quoted from Shares Mag of 28 July: QUOTE Very cheap hotel play with yield and major asset support We highlighted PPHE Hotel (PPH) in our previous Mr Market article in March 2016 at 636p. It is now 750p (plus anyone on shareholder register on 22 July 2016 will also get a 100p special dividend in August). PPHE is the owner, developer and operator of Park Plaza hotels in Europe. In total, the group has a portfolio of 38 hotels, with a focus on London (where it has five hotels that generate nearly 70% of group profit). Before year-end we expect new hotels to appear at Waterloo and Park Royal as well as a material extension to the Park Plaza Riverbank, near the London Eye. These will likely benefit from overseas visitors drawn to the UK by weaker sterling post the Brexit vote. The rest of the group’s profit is derived from Croatia (a safe haven in the area relative to Turkey) and other European hotels, particularly in Holland, which will benefit from relative euro strength on translation. The new London hotel stock (c. 1,000 additional rooms) look set to drive a material improvement in PPHE’s profitability in 2017 to the extent that the shares trade on sub 8x FY17E whilst also yielding 2.7%. The group’s hotel assets are set to be revalued by half year results in September. We think the net asset value could be as high as £20 per share versus the current share price of 750p. UNQUOTE
snadgey: If this £1 div is as a result of cash generated from refinancing deal, then not sure why the share price has dropped? This should be cash the company did not have prior to this deal?
ragehammer: Re NAV, we get a clue from the results announcement on 2 Mar. In the "Financial Position" section of the CFO report, it states "The ratio of bank borrowings to the fair value of the Group's properties on an aggregate basis on the latest market valuations (LTV) is approximately 56%." We do not know when these latest market valuations were done, but it is fair to assume that the price of prime London market hotels has not reduced in the last few years, so this is a "floor". Bank borrowings at the time were €554.8m (both short and long term on the Balance Sheet). That gives a value for the fair value of property at €990.7m. The table in the next section of the CFO report shows the adjusted book value of properties at €782.7m. This suggests upside from book to fair value of €208m. As at 31 Dec 2014, NAV was €323.9m (with a small amount of intangibles, which I'll ignore). This equates to NAV of €7.72 per share. If we add the fair value upside to those numbers we get NAV of €12.68 per share. Using today's GBP:EUR FX rate of 1.414 that gives GBP NAV per share including the upside of £8.97 per share. Note that as the London assets are GBP denominated, the upside is likely higher than that quoted in the annual report as GBP has further strengthened against the EUR since the start of the year by around 10%. Using these figures, it seems there could be significant (38%) upside asset value in PPH from the current share price of £6.50. This does not take into account the retained profit for the first half of this year which will add further to NAV (maybe 25p or so?).
snadgey: 10p ex-div on 19th and share price barely moved. Company starting a review with a view to unlocking capital. They have not mentioned what they plan to do with any proceeds but a cash return to shareholders could be an option imo. All the best.
bench2: IMS out today but no news on debt , int cover etc . Hardman note out to say that this is a difficult comparison as av room rate last year was boosted by the Olympics . Share price has come off the highs and will await better news on Revpar growth from London and Europe .
douglasallen: 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.
Pphe Hotel share price data is direct from the London Stock Exchange
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