【出版时间及名称】：2010年4月欧洲旅游酒店行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：53
        【目录或简介】：
Chart of the week: JDW - substantial reduction in
pub freehold and development costs
400
500
600
700
800
900
1000
2001 2002 2003 2004 2005 2006 2007 2008 H1 09 H1 10
150
200
250
300
350
400
450
Average freehold cost £'000 (LHS)
Average development cost per sq ft (RHS)
Source: Company data, Morgan Stanley Research
Wetherspoon is the only large pub company still
adding new sites, and it is generating substantially
higher returns due to the significant drop in freehold
prices (-36% from 2008 peak) and average development
costs (-50%). An average development now costs it
£820k, down from a peak of £1.5m, and EBITDA per pub
at c. £200k has been pretty stable. As a result, its cash
ROI has increased from 11% to 19%, so it is no wonder
the company is accelerating its expansion plans to 50
new sites a year. Wetherspoon's value format is ideally
suited to today's economic environment, and its
refinancing provides assurance not just on its roll-out,
but also on its dividend. We remain Overweight.
Coming Up RCL Strong Q1 trading update and EPS
above guidance. WTB Positive trends continue for
Premier Inn and Costa. WMH Improvement in operating
profit. PRTY Sequential growth in all verticals except
casino. JDW Improved L4L sales. MLC Sharp RevPAR
improvement. TT Small reduction in Q2 losses. IHG
RevPAR improvement in line with market. ETI Trading
trends and refinancing. CPG Organic growth and
margins. BWIN Current trading and guidance TUI