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(MERL) Merlin Entertainments General Share Chat

Discussion in 'General Share Chat' started by Microem1, Nov 10, 2015.

  1. Microem1

    Microem1 Administrator

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    (MGGT) Meggitt General Share Chat
     
  2. Mongoose82

    Mongoose82 A Legendary Member

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    Read Panmure Gordon & Co's note on MERLIN ENTERTAINMENT (MERL), out this morning, by visitinghttps://www.research-tree.com/company/GB00BDZT6P94

    "We are trimming our forecasts following yesterday’s AGM statement which highlighted that conditions in London remain challenging with overall trading broadly in line. We believe that heightened security concerns are playing on customer’s minds and hence holding back growth in attendance numbers across Merlin’s London attractions (which we estimate to make up 25% of Midway division revenues). While security concerns are unlikely to dissipate in the short term, we do expect the favourable FX to filter through for the all..."
     
  3. Mongoose82

    Mongoose82 A Legendary Member

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    Read Beaufort Securities's note on MERLIN ENTERTAINMENT (MERL), out this morning, by visitinghttps://www.research-tree.com/company/GB00BDZT6P94

    "Though no new figures were provided, Merlin’s performance to date in 2016 appears to be meeting with expectations. To remind the readers, the key trends underlying FY2015 was; Like-for-Like (‘LFL’) revenue growth of +2.3% and +8.2% for Midway Attractions and LEGOLAND Parks, respectively, while Resort Theme Parks LFL revenue declined -12.4%. Overall, the Group LFL revenue growth was up +0.4%. In 2015, revenue from Midway Attractions, LEGOLAND Parks and Resort Theme Parks stood at 44%, 34% and 22%, respectively, of the total revenue. Although challenging condition in London (comprising: SEALIFE, the Dungeons, Madame Tussauds, The Eye Brand, Shrek’s Adventure) could disappoint the market’s best expectations, the Group’s clear strategy, diversified revenue stream and a strong development pipeline should support the long-term growth trajectory of the business. In the final result for 2015, Merlin has set out new milestones targets includes 2,000 new rooms, 40 new Midway Attractions and four new LEGOLAND Parks by the end of 2020. We believe the strategic partnership and US$34.4m investment in Big Bus Tours announced end-February will provide Merlin with revenue and marketing synergies and further cross selling opportunities in coming years. Considering its long-term growth potential, Beaufort maintains..."
     
  4. Mongoose82

    Mongoose82 A Legendary Member

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    "Merlin offers low-risk structural growth in a global industry with high barriers to entry. Its global footprint and strong multi-segment brands give multiple levers to drive double digit earnings growth over the long term. While FX fluctuations and heightened security concerns are holding back attendance numbers in Merlin’s London attractions, we expect Merlin to benefit from in-bound tourism combined with ‘staycations’ over the medium to longer term."

    Panmure conviction list update: Https://www.research-tree.com/Company/GB00BDZT6P94
     
  5. Mongoose82

    Mongoose82 A Legendary Member

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    "14% EPS CAGR. The FY15 results reaffirmed our view that Merlin’s unique combination of brands, development and management give it one of the highest and most visible earnings streams in the sector. We believe that Merlin can consistently deliver LFL growth of c4.0%, which together with expansion and margin improvement should drive EPS CAGR of 14% over the next three years. Furthermore, we believe that IT and technology (improved product, customer booking journey, marketing, CRM) offer further upside to growth and ancillary spend not yet recognised in forecasts."

    Panmure update: Https://www.research-tree.com/Company/GB00BDZT6P94
     
  6. Mongoose82

    Mongoose82 A Legendary Member

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    "Overall Interim results in line with expectations with strong growth in LEGOLAND parks mitigating declines in Resort Theme Parks (which include Alton Towers). Midway trading remains challenging, given its London focus as highlighted at the AGM Statement in May, but benefits from contribution of new accommodation and attractions. Overall Revenue up 5.3% (-1.1% LFL +3.0% FX and 3.4% NBD) to £573m to give PBT of £50m (+0.9%), EPS of 37p (+3.2%) and DPS 2.2p (+4.8%)... the stock has had a strong run (+10% post Brexit) reflecting its portfolio diversity and strong focus on returns."

    Update from Panmure: Https://www.research-tree.com/compa...ch/panmure-morning-note-28-07-2016-28-07-2016
     

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