|Bid||0.00 x 0|
|Ask||3,198.00 x 0|
|Day's range||2,394.82 - 2,598.00|
|52-week range||1,805.50 - 5,194.00|
|Beta (5Y monthly)||0.91|
|PE ratio (TTM)||1.24|
|Earnings date||21 May 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||07 Nov 2019|
|1y target est||4,741.39|
(Bloomberg) -- Whitbread Plc, the U.K.’s largest hospitality company, plans to tap investors for 1 billion pounds ($1.2 billion) via a share sale to help see it through the coronavirus pandemic that’s shut restaurants and hotels.The owner of the Premier Inn chain will launch the rights offer on Thursday as it takes “decisive action” to reduce cash outflows and enhance liquidity, it said in a statement. Lenders have already agreed to waive covenants on debt for 18 months, and Whitbread suspended its dividend.“Optimizing the balance sheet in this way will enable the business to be in the best possible position to continue investing and taking market share in our fragmented sector when the current situation normalizes,” Chief Executive Officer Alison Brittain said in the release.With most of Whitbread’s hotels in the U.K. still shut, the company is bearing the brunt of the viral outbreak as other industries gradually restart operations. The Dunstable, England-based group has 27,000 workers furloughed on full pay and is refunding customers at a time when revenue streams are largely closed off.Shares of the company dropped 10% to 2,560 pence as trading opened in London. They have almost halved in value so far this year.The two-for-one rights offer is fully underwritten by JP Morgan Cazenove, which along with Morgan Stanley is also sponsoring and coordinating the sale.Brittain is looking to leverage Whitbread’s scale as the crisis wreaks havoc among smaller operators in both the U.K. and Germany, where the company has been expanding the Premier Inn chain. Its sites in Germany reopened on May 11.“We expect there to be an impact on the competitive landscape and to see a material slowdown in the supply of rooms in both our key markets, and potentially an acceleration in the decline of the large independent sector,” the CEO said.(Updates with share price in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Company aims to raise funds through a rights issue — giving the option to existing shareholders to purchase additional new shares.
Shares in Premier Inn owner Whitbread Plc tumbled 16% on Thursday after it said it would seek 1.01 billion pounds in fresh cash from shareholders to help weather the COVID-19 crisis. The 278-year company said it would offer its owners one new share for every two existing shares in a fully-underwritten rights issue, aimed at bolstering its balance sheet and boosting investment while other budget-branded competitors struggle with the fallout of the pandemic. The significant dilution for shareholders implied by the deal pushed its shares down 16% to 2,395 pence by 0920 GMT, making it the worst performer in the FTSE 100 blue-chip index on the day.
The Whitbread (LON:WTB) share price has risen by 9.04% over the past month and it’s currently trading at 2843. For investors considering whether to buy, hold o...
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One in four CEOs of the biggest listed UK companies has taken a pay cut due to the coronavirus crisis, while one company has not announced plans to slash its boss’s pay, despite sending staff home.
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Momentum is sticky and persists for longer than investors tend to anticipate. The downside of this is that stocks with recent negative momentum are likely to c8230;
President Donald Trump saying the US may be heading into recession (did anyone still doubt that?) a manufacturing index slumping in March for its biggest monthly fall on record and heightened anti-virus measures sent Wall Street into a 12% tailspin, its biggest drop since the 1987 Black Monday, with $3 trillion wiped off its value. Some markets continued to tank – South Korea lost 2.4%.
You can share your thoughts with Thyagaraju Adinarayan (firstname.lastname@example.org), Joice Alves (email@example.com) and Julien Ponthus (firstname.lastname@example.org) in London. On the bright side, Air France and Accor shares were up after France's fiscal response last night. As expected UK pub, cinema and restaurant stocks are taking a hit with Cineworld and Whitbread leading the losses.
You can share your thoughts with Thyagaraju Adinarayan (email@example.com), Joice Alves (firstname.lastname@example.org) and Julien Ponthus (email@example.com) in London. Mobile phone retailer Dixons Carphone to axe 2,900 jobs as it plans to close all UK standalone Carphone Warehouse stores. UK government's recommendation to avoid pubs, clubs, restaurants, cinemas and theatres could hit Whitbread, Marston's, Cineworld, JD Weatherspoon and Mitchells & Butlers.
Thursday is arguably the day the impact became tangible, as a slew of UK companies warned coronavirus was hurting their business.
Ideally, your overall portfolio should beat the market average. But even the best stock picker will only win with some...
UK-based hospitality company Whitbread has prioritized direct booking channels over any other form of distribution in recent times but is its approach to travel agents about to change? The Premier Inn-owner gets 97 percent of its UK bookings direct — something other global chains can only dream about — and the number in its nascent […]