(News Bulletin 247) – Liberum reaffirms its ‘buy’ recommendation on Whitbread with a price target raised from 3,740 to 3,820 pence, believing that the favorable winds for the offer will persist and seeing a potential return of cash of more than one billion pounds sterling.
Highlighting that the preliminary figures for the 2022-23 financial year turned out to be slightly higher than expected, the broker anticipates for the 2023-24 financial year modest growth in profits, despite underlying inflation of 7 to 8%.
‘Premier Inn UK continues to outperform market growth, benefiting from the structural contraction of supply and continued strong demand for business and leisure’, points out Liberum in particular in its note on the British hotel group.
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