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Dalata Hotel Group

Strong H1 2019 operating performance

Dalata’s H1 2019 results are above our forecasts. Slightly softer RevPAR data in Dublin have been offset by a strong revenue performance at new hotels and extensions as well as...

Hotels

July RevPAR remains slow in Dublin

Dublin’s RevPAR slowed further in July as VAT headwinds (4.5%) and growing supply combined with a softer demand environment. Regional Ireland remains positive – growing rate again during...

Flutter Entertainment

Reflections on a challenging but productive first half

In many ways, Flutter Entertainment’s (Flutter) H1 performance followed an expected pattern. On the one hand, its Australian and US positioning continue to drive value (our estimated...

William Hill plc

Green shoots appearing?

William Hill has reiterated 2019 guidance despite a difficult first half. The challenging nature of 2019 will come as no surprise and the group appears to have entered H2 with renewed...

Hotels

H1 RevPAR finishes better in June

Dublin’s positive performance in June should help to offset concerns raised from a weaker May (driven in part by an exceptionally strong yearly comp that month). As the supply/demand...

Paddy Power Betfair

Improving Australia performance a core group catalyst; upgrading stock to ‘Outperform’

Post the significant regulatory changes in 2018, we believe that Paddy Power Betfair’s (PPB) addressable Australian market can grow at double-digit pace over the coming years. The...

Dalata Hotel Group

Growth journey has just begun

Five years on from its IPO, Dalata’s growth journey has just begun. As Ireland’s leading hotel operator, the group has also made significant progress on growing its UK presence. We see...

Paddy Power Betfair

Investor day reinforces US opportunity

The land of opportunity or the home of the brave? We think the former. The Paddy Power Betfair (PPB) investor day in New Jersey reinforced our initial view that the US opportunity is...

Whitbread

Night at the ZIP: bedding down

Whitbread describes ZIP by Premier Inn (its new hotel concept) as doing the essentials brilliantly, but our stay last week at the ZIP in Cardiff (its first week of operation) uncovered...

Year-end Document

Ireland’s call: investment opportunities in 2019

The 21% decline in the Irish equity market in 2018 was at odds with on-going strength in the economy. With economic growth expected to exceed 5% in 2019 (subject to an on-going fudge...