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I wrote before about selling at 585.00. I did, I will consider a re-purchase now. Looks like a fantastic opportunity. 4.1% more to pay but definitely represents better value for money. The pound is stronger also, makes little difference as the reporting currency is euro but it makes a small difference when you consider the dividend and stock is in GBP. Strong buy again and I have never disagreed with investors, it's a good stock (i.e. the business makes money). I just didn't fully agree with what management were doing.
Completely agree with it being a strong hold, also agree on the refurbishments, shame they can't start some of the refurbishments this year and then they could spread costs over two financial years rather than just one, unless they are expecting more beds to become available next year to balance it out.
Remains a strong hold for me although refurbishments will have negative impact in 2016.
Hi Smile, I bought this a couple of years ago at around £2.75, so for me with the ever increasing dividend and good long term prospects, this is definitely a hold. Even if share growth slows down, the dividend yield for me is around 7 to 8 % so as I say definitely a hold
Agree with the majority, this is a fantastic company with level headed directors. Had a quick look at the annual report, plans seem to have retrenched back to the UK, this is where the directors are planning most expansion. Makes sense when you factor in the uncertainty abroad. Growth of 1,700 rooms expected in the next 4 years.... I would have liked to see quicker expansion. Big dividend paid recently of 10p per share, not going to adversely effect PPHE however I would have preferred a lower dividend and seen profit reinvested back to future projects. For anyone still holding, the P:B has finally caught up. I've just sold today but will be looking at how the share price changes over the next 6 months. Good luck to everyone else still holding.
Company is going from strength to strength, share price improving all the time. Great long termer.
that they will look to sell the business to one of the big hotel chains in 3-5 years. Plenty of assets so should command a high price. Nice steady stock with growing dividend.
Agreed, great steady share, have been holding for two years and will be holding for many more years. In that time share price has almost doubled and the dividend has also almost doubled. So were getting it form both sides. Excellent
progress and a progressive dividend policy this remains LT ISA holding for me.
about checking the interims while on holiday. Looking good :)
Its been a good ride but have sold out today and taken a profit of 15% which I have plans for elsewhere. Good luck to all who are still in. I will keep an eye on this share and may come back in if this dips.
Great movement at the moment, and it just brushed it aside when going ex-div on 26th March, hope it has the strength to continue
Intend to increase my holding here IMO a good steady stock with a progressive dividend policy Ideal ISA investment for long term rising income.
Its a shame the recommendation in this weeks Shares Magazine has not helped the share price move up
29 January 2014 PPHE Hotel Group Limited (the Company) Completion of the refinancing of art'otel amsterdam Further to the announcement on 3 December 2013, the Company is pleased to announce that the EUR24.0 million refinancing with Aareal Bank AG of the recently opened art'otel amsterdam which the Company and its subsidiaries (together the Group) own and operate was successfully completed today (art'otel Refinance Tranche). The art'otel amsterdam was previously financed by a development facility provided by Bank Hapoalim B.M. that was due to mature in the first quarter of 2014. The parties have agreed not to hedge the art'otel Refinance Tranche. Enquiries: PPHE Hotel Group
Its been quiet here for so long now, have you two fine gentleman got any more thoughts on this fine company, it set off last year with a nice and steady rise for the first six months and ever since has been drifting back down, do you have any reasons why its done that, as you said when you look at the fundamentals its way under priced. Cheers.
Valuation: New light on huge discount to NAV More active asset management, as signalled in the IMS, promises welcome recognition of the company’s riches and consequent possible narrowing of a discount to NAV, which is surely excessive at over 50%. Indeed, PPHE owns trophy assets in strong gateway cities such as London and Amsterdam, the lure of which is enduring and should not be underestimated. Operationally, the company is also inexpensive with a prospective EV/EBITDA of just 7x, which is well below that of most of its peers.
http://www.edisoninvestmentresearch.co.uk/researchreports/PHHEOutlook121112.pdf
The last RNS is a decent read. http://www.investegate.co.uk/Article.aspx?id=201208150700050228K
Commenting on the results, Boris Ivesha, President and Chief Executive Officer, PPHE Hotel Group said: 'I am pleased to report a strong set of results for the first half of 2012, with total revenue and EBITDA up, as we benefited from an improved average room rate and increased hotel ownership. PPHE Hotel Group's strong presence in London has been the main contributor to the Group's operational growth and we have seen some benefits from this summer's various celebrations, festivals and sport events. We remain highly focused on improving our profitability through growing our top-line, managing our expenses and increasing guest satisfaction.'
Valuation: Huge discount to NAV just gets bigger However stubborn, the discount to net assets (56% to June 2012 NAV per share of €6.07) looks ripe for correction after acceleration in H1 (c 40% in March to December 2011 NAV). In addition, PPHE is inexpensive in terms of the key EV/EBITDA indicator (under 8x prospective) compared with European branded peers such as Meliá and NH Hoteles (c 9x). Discount to the likes of Marriott and Starwood (c 12x) is justified, given PPHE’s record, its scale of net debt (albeit well within facility) and the presence of effectively a majority shareholder with a history of related-party transactions.
http://www.edisoninvestmentresearch.co.uk/researchreports/PPHE220812update.pdf
With no sign that sentiment towards the eurozone will improve, the market may take time to recognise the deep value in PPHE's shares. But, in the long term, a 66 per cent discount to underlying net assets looks unsustainable. But as always do your own research.......
That's presumably because the most important reason why the shares are lowly rated is the double-dip recession. For all hotels, their fixed costs mean their performance is highly geared to economic growth. For PPHE the risks are magnified by its development-led growth and its debt. But it may pay to be sanguine. The company seems to have little trouble raising debt and no major loans are due until 2015. As important, PPHE's operational performance has been impressive, with average room rates growing by 7.6 per cent last year (9.7 per cent like-for-like) with no increase in vacancies. Year-on-year growth moderated to 4.9 per cent in the first quarter, but remains robust. High exposure to buoyant London has helped - but even the London Park Plaza hotels appear to be outperforming their peers