SIMON FRENCH | PANMURE GORDON
The actual trading performance was slightly ahead of expectations but Premier Inn’s revpar growth is lower than the revpar growth reported by the competitive set and the opening of new rooms has also slipped. Given lack of forecast upgrades … it’s not surprising that their shares fell back a bit [yesterday].
WYN ELLIS | NUMIS
Whitbread’s trading update is encouraging with strong like-for-like sales growth at both Premier Inn and Costa and a better performance from Restaurants. This is ahead of our forecasts and consensus... The update is sufficiently positive to help maintain momentum for the shares.
RICHARD HUNTER | HARGREAVES LANSDOWN
There is little doubt as to the quality of Whitbread’s business and continuing progress, but some question marks are beginning to appear on its valuation. Having risen 45 per cent over the last year as compared to an 11 per cent hike in the wider FTSE 100, market consensus has recently eased slightly to rest at a hold.