Search Follow us


PPHE has delivered on a confident post-close update with 2016 EBITDA well above expectations. H2 recovery in London despite headwinds and sustained buoyancy in newly consolidated Croatia made up for H1 disappointment, which is all the more encouraging as these are likely to be the company’s medium-term profit drivers. Valuation is low in terms of EV/EBITDA and at a glaring discount to real asset value (‘fair value’ adjustment of c 1,000p/share to reported 782p NAV will only increase on inclusion of new high-value estate).

Continue reading

This version is programmatically created by Responsive Labs and qualified in its entirety to the original PDF.

Powered by Responsive Labs