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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Millennium & Copthorne Hotels plc    MLC   GB0005622542

MILLENNIUM & COPTHORNE HOTELS PLC (MLC)
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Millennium pthorne Hotels : New York demand lifts hotelier Millennium & Copthorne's revenue

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10/30/2017 | 09:19am CEST

(Reuters) - Millennium & Copthorne Hotels, which has received a buyout offer that values it at 1.8 billion pounds from shareholder City Developments, reported higher nine-month room revenue due to strong growth in New York.

Reported revenue per available room (RevPAR) rose 11.5 percent to 82.41 million pounds for the nine months to Sept. 30, the operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said.

Excluding deals, closures and currency movements, like-for-like RevPAR was up 1.4 percent.

M&C's nine-month pretax profit grew 16 percent to 118 million pounds, while revenue rose 13 percent to 748 million pounds.

At least four minority shareholders, including International Value Advisers, MSD Partners, Aberdeen Standard and Fidelity, have criticised Singapore-based City Development's 552.5 pence per share proposed cash offer to buy the 34.8 percent stake it does not own, saying it undervalues M&C's property holdings.

But M&C's board has recommended the proposed offer, which needs approval from minority investors holding a collective 50 percent stake in the company to go through. Any deal would see M&C return to the fold of Singaporean billionaire Kwek Leng Beng's property empire.

On Monday, M&C, which has 130 hotels around the world, and has focussed on building its footprint in major cities such as London, New York and Singapore, did not make any fresh comments on the proposed offer.

Giving an indication on current trading, the group said that like-for-like group RevPAR was up by 0.7 percent for the three weeks ended Oct. 21.

M&C's shares were up marginally at 588 pence at 0814 GMT.

(Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and Louise Heavens)

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News from SeekingAlpha
2017An M&A Deal That Will Break Soon 
2016Millennium & Copthorne Hotels Trades At A Discount To NAV 
Financials (GBP)
Sales 2018 1 010 M
EBIT 2018 176 M
Net income 2018 113 M
Debt 2018 679 M
Yield 2018 1,26%
P/E ratio 2018 16,19
P/E ratio 2019 15,17
EV / Sales 2018 2,46x
EV / Sales 2019 2,41x
Capitalization 1 803 M
Chart MILLENNIUM & COPTHORNE HOT
Duration : Period :
Millennium & Copthorne Hot Technical Analysis Chart | MLC | GB0005622542 | 4-Traders
Technical analysis trends MILLENNIUM & COPTHORNE HOT
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 5,31  GBP
Spread / Average Target -1,5%
EPS Revisions
Managers
NameTitle
Jennifer Fox Group Chief Executive Officer & Director
Leng Beng Kwek Non-Executive Chairman
Bhupesh Yadav Group Chief Operating Officer
Kok-Kee Chong Chief Financial Officer
Howard Wu Chief Technology Officer
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