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BUZZ-SSP: falls after Goldman Sachs downgrades

Reuters - UK Focus

** Food travel operator down 1.4 pct after Goldman Sachs downgrades to "sell" vs "neutral"

** GS flags SSP trades at a premium to leisure peers, concessions and contract caterers, and while co's historical execution has been strong, broker does not expect its growth rates to pick up to levels that would justify this premium valuation

** GS notes that SSP trades at a calendarised 2018E FCF yield of 2.9 pct and at 27.5x PE, implying an acceleration in earnings growth to >30%

** It does not deem this likely given an inflationary cost environment, and headwinds to profit, as SSP starts refurbishments at Chicago airport

** Stock down c12% from a late Dec (Shanghai: 600875.SS - news) (intraday) high; stock up 191% from its July 2014 IPO price of 210p