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Millennium & Copthorne Hotels

LSE:MLC
Snowflake Description

Moderate growth potential with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MLC
LSE
£2B
Market Cap
  1. Home
  2. GB
  3. Consumer Services
Company description

Millennium & Copthorne Hotels plc owns, operates, leases, manages, and franchises hotels worldwide. The last earnings update was 11 days ago. More info.


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MLC Share Price and Events
7 Day Returns
4.1%
LSE:MLC
2.6%
GB Hospitality
1.5%
GB Market
1 Year Returns
-15.8%
LSE:MLC
-9.1%
GB Hospitality
-6.3%
GB Market
MLC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Millennium & Copthorne Hotels (MLC) 4.1% 4.5% -1% -15.8% 2.4% -18.8%
GB Hospitality 2.6% -0.3% -2.5% -9.1% 9.8% 29.5%
GB Market 1.5% -2.1% 1.8% -6.3% 15.4% 2%
1 Year Return vs Industry and Market
  • MLC underperformed the Hospitality industry which returned -9.1% over the past year.
  • MLC underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -6.3% over the past year.
Price Volatility
MLC
Industry
5yr Volatility vs Market

MLC Value

 Is Millennium & Copthorne Hotels undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Millennium & Copthorne Hotels to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Millennium & Copthorne Hotels.

LSE:MLC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.3%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:MLC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.932 (1 + (1- 19%) (80.77%))
1.362
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.36
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.362 * 6.65%)
10.29%

Discounted Cash Flow Calculation for LSE:MLC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Millennium & Copthorne Hotels is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:MLC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 10.29%)
2019 98.60 Analyst x1 89.40
2020 60.50 Analyst x2 49.74
2021 40.48 Est @ -33.09% 30.18
2022 31.25 Est @ -22.79% 21.13
2023 26.38 Est @ -15.59% 16.17
2024 23.60 Est @ -10.54% 13.12
2025 21.95 Est @ -7.01% 11.06
2026 20.95 Est @ -4.54% 9.57
2027 20.36 Est @ -2.81% 8.43
2028 20.04 Est @ -1.6% 7.53
Present value of next 10 years cash flows £256.32
LSE:MLC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £20.04 × (1 + 1.23%) ÷ (10.29% – 1.23%)
£223.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £223.84 ÷ (1 + 10.29%)10
£84.08
LSE:MLC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £256.32 + £84.08
£340.40
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £340.40 / 324.79
£1.05
LSE:MLC Discount to Share Price
Calculation Result
Value per share (GBP) From above. £1.05
Current discount Discount to share price of £4.62
= -1 x (£4.62 - £1.05) / £1.05
-340.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Millennium & Copthorne Hotels is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Millennium & Copthorne Hotels's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Millennium & Copthorne Hotels's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:MLC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in GBP £0.13
LSE:MLC Share Price ** LSE (2019-05-21) in GBP £4.62
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PE Ratio Median Figure of 34 Publicly-Listed Hospitality Companies 17.83x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 789 Publicly-Listed Companies 16.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Millennium & Copthorne Hotels.

LSE:MLC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:MLC Share Price ÷ EPS (both in GBP)

= 4.62 ÷ 0.13

34.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Millennium & Copthorne Hotels is overvalued based on earnings compared to the GB Hospitality industry average.
  • Millennium & Copthorne Hotels is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Millennium & Copthorne Hotels's expected growth come at a high price?
Raw Data
LSE:MLC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 34.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
23%per year
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PEG Ratio Median Figure of 28 Publicly-Listed Hospitality Companies 2.02x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 575 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

LSE:MLC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 34.92x ÷ 23%

1.52x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Millennium & Copthorne Hotels is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Millennium & Copthorne Hotels's assets?
Raw Data
LSE:MLC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in GBP £8.53
LSE:MLC Share Price * LSE (2019-05-21) in GBP £4.62
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PB Ratio Median Figure of 54 Publicly-Listed Hospitality Companies 1.4x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,368 Publicly-Listed Companies 1.5x
LSE:MLC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:MLC Share Price ÷ Book Value per Share (both in GBP)

= 4.62 ÷ 8.53

0.54x

* Primary Listing of Millennium & Copthorne Hotels.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Millennium & Copthorne Hotels is good value based on assets compared to the GB Hospitality industry average.
X
Value checks
We assess Millennium & Copthorne Hotels's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Millennium & Copthorne Hotels has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MLC Future Performance

 How is Millennium & Copthorne Hotels expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
23%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Millennium & Copthorne Hotels expected to grow at an attractive rate?
  • Millennium & Copthorne Hotels's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Millennium & Copthorne Hotels's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Millennium & Copthorne Hotels's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:MLC Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:MLC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 23%
LSE:MLC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.7%
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 12.1%
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:MLC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:MLC Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,150 1
2021-12-31 1,099 196 103 2
2020-12-31 1,051 208 101 2
2019-12-31 1,027 202 96 2
LSE:MLC Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-03-31 995 36
2018-12-31 997 127 43
2018-09-30 990 80
2018-06-30 1,000 146 110
2018-03-31 1,002 129
2017-12-31 1,008 180 124
2017-09-30 1,009 111
2017-06-30 993 193 90
2017-03-31 957 75
2016-12-31 926 170 78
2016-09-30 897 64
2016-06-30 861 164 59

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Millennium & Copthorne Hotels's earnings are expected to grow significantly at over 20% yearly.
  • Millennium & Copthorne Hotels's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:MLC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Millennium & Copthorne Hotels Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:MLC Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.32 0.32 0.32 1.00
2020-12-31 0.31 0.32 0.30 2.00
2019-12-31 0.29 0.31 0.27 2.00
LSE:MLC Past Financials Data
Date (Data in GBP Millions) EPS *
2019-03-31
2018-12-31 0.13
2018-09-30
2018-06-30 0.34
2018-03-31
2017-12-31 0.38
2017-09-30
2017-06-30 0.28
2017-03-31
2016-12-31 0.24
2016-09-30
2016-06-30 0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Millennium & Copthorne Hotels is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Millennium & Copthorne Hotels's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Millennium & Copthorne Hotels has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MLC Past Performance

  How has Millennium & Copthorne Hotels performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Millennium & Copthorne Hotels's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Millennium & Copthorne Hotels's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Millennium & Copthorne Hotels's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Millennium & Copthorne Hotels's 1-year earnings growth is negative, it can't be compared to the GB Hospitality industry average.
Earnings and Revenue History
Millennium & Copthorne Hotels's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Millennium & Copthorne Hotels Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:MLC Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 995.00 36.00 374.00
2018-12-31 997.00 43.00 369.00
2018-09-30 990.00 80.00 368.00
2018-06-30 1,000.00 110.00 359.00
2018-03-31 1,002.00 129.00 358.00
2017-12-31 1,008.00 124.00 364.00
2017-09-30 1,009.00 111.00 367.00
2017-06-30 993.00 90.00 365.00
2017-03-31 957.00 75.00 350.00
2016-12-31 926.00 78.00 337.00
2016-09-30 897.00 64.00 319.00
2016-06-30 861.00 59.00 308.00
2016-03-31 850.00 63.00 304.00
2015-12-31 847.00 65.00 301.00
2015-09-30 844.00 104.00 305.00
2015-06-30 850.00 116.00 300.00
2015-03-31 840.00 111.00 297.00
2014-12-31 826.00 110.00 286.00
2014-09-30 1,075.50 212.50 278.30
2014-06-30 1,061.80 208.60 275.10
2014-03-31 1,063.10 218.80 274.30
2013-12-31 1,064.00 224.00 276.00
2013-09-30 788.70 123.40 285.80
2013-06-30 776.60 122.00 288.30
2013-03-31 768.70 129.00 292.50
2012-12-31 768.30 135.00 298.50
2012-09-30 772.90 129.50 293.90
2012-06-30 824.10 157.30 295.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Millennium & Copthorne Hotels has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Millennium & Copthorne Hotels used its assets less efficiently than the GB Hospitality industry average last year based on Return on Assets.
  • Millennium & Copthorne Hotels's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Millennium & Copthorne Hotels's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Millennium & Copthorne Hotels has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MLC Health

 How is Millennium & Copthorne Hotels's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Millennium & Copthorne Hotels's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Millennium & Copthorne Hotels's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Millennium & Copthorne Hotels's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Millennium & Copthorne Hotels's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Millennium & Copthorne Hotels Company Filings, last reported 1 month ago.

LSE:MLC Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,273.00 1,212.00 364.00
2018-12-31 3,363.00 1,102.00 375.00
2018-09-30 3,252.00 1,029.00 354.00
2018-06-30 3,265.00 1,017.00 343.00
2018-03-31 3,153.00 974.00 356.00
2017-12-31 3,249.00 1,004.00 354.00
2017-09-30 3,201.00 999.00 331.00
2017-06-30 3,164.00 1,095.00 361.00
2017-03-31 3,214.00 1,064.00 354.00
2016-12-31 3,170.00 1,044.00 337.00
2016-09-30 3,122.00 1,028.00 308.00
2016-06-30 3,018.00 992.00 283.00
2016-03-31 2,832.00 916.00 260.00
2015-12-31 2,712.00 843.00 238.00
2015-09-30 2,632.00 832.00 211.00
2015-06-30 2,643.00 797.00 257.00
2015-03-31 2,782.00 928.00 378.00
2014-12-31 2,735.00 917.00 392.00
2014-09-30 2,620.60 981.80 511.40
2014-06-30 2,577.00 964.10 504.50
2014-03-31 2,643.50 781.10 504.30
2013-12-31 2,679.00 566.00 351.00
2013-09-30 2,381.90 362.60 418.10
2013-06-30 2,414.30 374.20 398.70
2013-03-31 2,480.90 374.60 411.10
2012-12-31 2,362.80 361.00 396.70
2012-09-30 2,292.10 369.50 365.20
2012-06-30 2,307.50 447.60 422.30
  • Millennium & Copthorne Hotels's level of debt (37%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (29.6% vs 37% today).
  • Debt is not well covered by operating cash flow (10.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.5x coverage).
X
Financial health checks
We assess Millennium & Copthorne Hotels's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Millennium & Copthorne Hotels has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MLC Dividends

 What is Millennium & Copthorne Hotels's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.92%
Current annual income from Millennium & Copthorne Hotels dividends. Estimated to be 1.65% next year.
If you bought £2,000 of Millennium & Copthorne Hotels shares you are expected to receive £18 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Millennium & Copthorne Hotels's pays a lower dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2%).
  • Millennium & Copthorne Hotels's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.27%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:MLC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.2%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:MLC Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.11 1.00
2021-12-31 0.07 2.00
2020-12-31 0.07 2.00
2019-12-31 0.07 2.00
LSE:MLC Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-04-01 0.042 0.946
2018-05-04 0.065 1.305
2017-03-30 0.077 1.531
2016-04-01 0.064 1.470
2016-02-19 0.064 1.559
2015-04-01 0.136 2.667
2014-02-24 0.136 2.377
2013-07-31 0.136 2.375
2013-02-22 0.136 2.451
2012-08-02 0.125 2.488
2012-02-22 0.125 2.599
2012-02-21 0.125 2.552
2011-03-15 0.100 2.215
2010-03-01 0.063 1.260
2010-02-19 0.063 1.491

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Millennium & Copthorne Hotels is not paying a notable dividend for United Kingdom of Great Britain and Northern Ireland, therefore no need to check if the payments are stable.
  • Millennium & Copthorne Hotels is not paying a notable dividend for United Kingdom of Great Britain and Northern Ireland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Millennium & Copthorne Hotels's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Millennium & Copthorne Hotels's dividends as it is not paying a notable one for United Kingdom of Great Britain and Northern Ireland.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess Millennium & Copthorne Hotels's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Millennium & Copthorne Hotels afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Millennium & Copthorne Hotels has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MLC Management

 What is the CEO of Millennium & Copthorne Hotels's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kian Tan
AGE 64
TENURE AS CEO 0.7 years
CEO Bio

Mr. Kian Seng Tan has been Interim Group Chief Executive Officer at Millennium & Copthorne Hotels Plc since September 28,2018. Mr.Tan was Chief of Staff at Millennium & Copthorne Hotels plc from June 19, 2018 to August 2018 and served as an Interim Group Chief Executive Officer from March 1, 2017 to June 19, 2018. Mr. Tan has been the Chief Financial Officer of Scinetic Engineering Pte. Ltd., subsidiary of Venture Corp. Ltd. since 2006. In addition, he has responsibilities on matters related to the Group's Legal and Corporate Secretariat functions and Investor Relations. He also has oversight of corporate & administrative support services including Finance and Accounting, Human Resources and Information Technology. over 30 years of senior executive experience in operations and managing finance, legal, investor relations, purchasing, business development, human resources, information technology and other functions. He started his career as an Accountant in the U.K. and Audit Manager in Malaysia with the audit firms known as Deloitte and PricewaterhouseCoopers respectively. He served as the President of Venture Corporation Limited from August 2011 to February 01, 2016 and also served as its Chief Financial Officer from February 2006 to February 16, 2012, Vice President of Operations until February 2006 and Advisor to Chief Executive Officer from February 1, 2016 to February 07, 2017. He served as an Executive Officer of Venture Corporation Limited. He joined the Venture Corp. in April 2001. He has extensive experience in the electronic sector and held several senior management positions including Vice President for Finance with Iomega Asia Manufacturing and Financial Controller for Quantum Storage (M) Sdn Bhd. Before joining Venture, he served as Finance Director and held other senior finance roles with LenovoEMC (formerly Iomega Corp.) and Financial Controller and accounting roles with various technology and toy manufacturers. He served as the General Manager of Venture Group's Malaysia operations. He served as a Non-Executive Director at First Sponsor Group Limited from February 6, 2016 to March 5, 2019. He served as a Director of Venture Corporation Limited. Mr. Tan holds a Diploma in Accounting from Leeds Polytechnic, UK, Associate Member of the Institute of Chartered Accountants in England and Wales. He is an Associate Member of the Institute of Chartered Accountants in England and Wales.

CEO Compensation
  • Insufficient data for Kian to compare compensation growth.
  • Insufficient data for Kian to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Millennium & Copthorne Hotels management team in years:

2.3
Average Tenure
  • The tenure for the Millennium & Copthorne Hotels management team is about average.
Management Team

Kian Tan

TITLE
Interim Group Chief Executive Officer
AGE
64
TENURE
0.7 yrs

Kok-Kee Chong

TITLE
Group Chief Financial Officer
TENURE
2.8 yrs

Klive Harrington

TITLE
SVP of Operations

Howie Wu

TITLE
Chief Technology Officer
COMPENSATION
£23K
TENURE
1.8 yrs

Bhupesh Yadav

TITLE
Chief Business & Administration Officer
TENURE
6.8 yrs

Peter Krijgsman

TITLE
Investor Relations Professional

Jonathon Grech

TITLE
Group General Counsel & Company Secretary

Franck Kermarrec

TITLE
Global Chief Marketing Officer
TENURE
1.8 yrs

Clive Harrington

TITLE
Chief Commercial Officer & Senior VP of Europe
TENURE
9.7 yrs

Angela Ong

TITLE
Senior Vice President of Finance
Board of Directors Tenure

Average tenure and age of the Millennium & Copthorne Hotels board of directors in years:

2.3
Average Tenure
65
Average Age
  • The average tenure for the Millennium & Copthorne Hotels board of directors is less than 3 years, this suggests a new board.
Board of Directors

Leng Beng Kwek

TITLE
Chairman of the Board
COMPENSATION
£272K
AGE
77
TENURE
24.3 yrs

Shaukat Aziz

TITLE
Senior Independent Director
COMPENSATION
£69K
AGE
69
TENURE
0.9 yrs

Angus Leitch

TITLE
Independent Non-Executive Director
COMPENSATION
£67K
AGE
59
TENURE
2 yrs

Leng Peck Kwek

TITLE
Non-Executive Director
COMPENSATION
£60K
AGE
62
TENURE
24.3 yrs

Eik Kwek

TITLE
Non-Executive Director
COMPENSATION
£54K
AGE
37
TENURE
8 yrs

Daniel Desbaillets

TITLE
Independent Non-Executive Director
COMPENSATION
£61K
AGE
68
TENURE
2.7 yrs

Christian de Charnacé

TITLE
Independent Non-Executive Director
COMPENSATION
£55K
TENURE
1.8 yrs

Paola Broyd

TITLE
Independent Non-Executive Director
TENURE
0.2 yrs

Vicky Williams

TITLE
Independent Non-Executive Director
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
X
Management checks
We assess Millennium & Copthorne Hotels's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Millennium & Copthorne Hotels has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MLC News

Simply Wall St News

Did Millennium & Copthorne Hotels plc's (LON:MLC) Recent Earnings Growth Beat The Trend?

For long-term investors, assessing earnings trend over time and against industry benchmarks is more beneficial than examining a single earnings announcement at a point in time. … Investors may find my commentary, albeit very high-level and brief, on Millennium & Copthorne Hotels plc (LON:MLC) useful as an attempt to give more color around how Millennium & Copthorne Hotels is currently performing. … Check out our latest analysis for Millennium & Copthorne Hotels?

Simply Wall St -

Is Millennium & Copthorne Hotels plc (LON:MLC) A Top Dividend Stock?

Over the past 10 years, Millennium & Copthorne Hotels plc (LON:MLC) has returned an average of 2.00% per year to shareholders in terms of dividend yield. … Let's dig deeper into whether Millennium & Copthorne Hotels should have a place in your portfolio. … See our latest analysis for Millennium & Copthorne Hotels

Simply Wall St -

Is Millennium & Copthorne Hotels plc's (LON:MLC) Liquidity Good Enough?

Stocks with market capitalization between $2B and $10B, such as Millennium & Copthorne Hotels plc (LON:MLC) with a size of UK£1.69b, do not attract as much attention from the investing community as do the small-caps and large-caps. … Let’s take a look at MLC’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Check out our latest analysis for Millennium & Copthorne Hotels

Simply Wall St -

Millennium & Copthorne Hotels plc (LON:MLC): A Look At Return On Capital

and want to begin learning the link between Millennium & Copthorne Hotels plc (LON:MLC)’s return fundamentals and stock market performance. … Thus, to understand how your money can grow by investing in Millennium & Copthorne Hotels, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE) … Millennium & Copthorne Hotels's Return On Capital Employed

Simply Wall St -

Does Millennium & Copthorne Hotels plc's (LON:MLC) PE Ratio Warrant A Sell?

The current price of MLC places the company at a discounted trailing PE of 14.15x,. … This is because there are many company-specific factors like future prospects and capital structure, which are unaccounted for … To resolve this problem, I’ll identify some important factors to consider when judging the relative valuation of

Simply Wall St -

Why Millennium & Copthorne Hotels plc (LON:MLC) Delivered An Inferior ROE Compared To The Industry

I am writing today to help inform people who are new to the stock market. … and want to begin learning the link between Millennium & Copthorne Hotels plc (LON:MLC)’s return fundamentals and stock market performance. … Millennium & Copthorne Hotels plc’s (LON:MLC) most recent return on equity was a substandard 5.39% relative to its industry performance of 10.39% over the past year.

Simply Wall St -

Is Millennium & Copthorne Hotels plc (LON:MLC) A Financially Strong Company?

At this stable level of debt, MLC's cash and short-term investments stands at UK£354.00M , ready to deploy into the business. … Moreover, MLC has produced UK£180.00M in operating cash flow in the last twelve months, leading to an operating cash to total debt ratio of 17.93%, signalling that MLC’s debt is not appropriately covered by operating cash. … Next Steps: MLC’s cash flow coverage indicates it could improve its operating efficiency in order to meet demand for debt repayments should unforeseen events arise.

Simply Wall St -

Millennium & Copthorne Hotels plc (LON:MLC): What Can We Expect In The Future?

In December 2017, Millennium & Copthorne Hotels plc (LSE:MLC) released its latest earnings announcement, which showed that the company gained from a sizeable tailwind, leading to a high double-digit earnings growth of 58.97%. … Below, I've laid out key numbers on how market analysts perceive Millennium & Copthorne Hotels's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … Check out our latest analysis for Millennium & Copthorne Hotels Analysts' expectations for next year seems pessimistic, with earnings declining by a double-digit -13.71%.

Simply Wall St -

How Do Analysts See Millennium & Copthorne Hotels plc's (LON:MLC) Margin Performing In The Years Ahead?

To get a preliminary understanding, I will try to evaluate Millennium & Copthorne Hotels's margin behaviour so investors can evaluate the revenue and cost drivers behind future earnings projections and understand how they may impact on returns compared to the industry. … Margin Calculation for MLC Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 124.00 Million ÷ 1.01 Billion = 12.30% The past five years have seen Millennium & Copthorne Hotels's margin contract, as a result of a positive 3.03% average growth in revenue and decline in net income of -10.19% on average, which suggests that a smaller percentage of revenue falls to the bottom line despite the fact revenue has increased over the previous 5 years. … Thus, it is essential to run your own analysis on Millennium & Copthorne Hotels's future expectations whilst maintaining a watchful eye over cost behaviour, because if the business is able to maintain their revenue trajectory, there may be an opportunity to return to positive earnings growth and attractive returns.

Simply Wall St -

Should You Buy Millennium & Copthorne Hotels plc (LON:MLC)?

A consensus of 3 GB hotels, restaurants and leisure analysts covering the stock indicates that its revenue level is expected to decline by -1.78% in the upcoming year, negatively impacting earnings, with a bottom-line annual growth rate of -2.03%, on average over time. … Given its debt level is relatively minimal (17.93% of equity), the fact that MLC's cash only covers a mere 17.93% of debt makes me apprehensive. … But, comparing MLC's current share price to its peers based on its industry and earnings level, it's undervalued by 33.40%, with a PE ratio of 14.1x vs.

Simply Wall St -

MLC Company Info

Description

Millennium & Copthorne Hotels plc owns, operates, leases, manages, and franchises hotels worldwide. It operates the Millennium Collection, Leng's Collection, M Collection, and Copthorne Collection hotels. The company operates 139 hotels with 40,323 rooms. It also offers hotel and resort management, and consultancy services; operates as a finance company and real estate investment trust; and acts as a liquor licensing holder. The company was founded in 1989 and is headquartered in London, the United Kingdom. Millennium & Copthorne Hotels Plc is a subsidiary of City Developments Limited.

Details
Name: Millennium & Copthorne Hotels plc
MLC
Exchange: LSE
Founded: 1989
£1,500,535,921
324,791,325
Website: http://www.millenniumhotels.com
Address: Millennium & Copthorne Hotels plc
Scarsdale Place,
Kensington,
London,
Greater London, W8 5SR,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE MLC Ordinary Shares London Stock Exchange GB GBP 25. Apr 1996
BATS-CHIXE MLCL Ordinary Shares BATS 'Chi-X Europe' GB GBP 25. Apr 1996
Number of employees
Current staff
Staff numbers
11,504
Millennium & Copthorne Hotels employees.
Industry
Hotels, Resorts and Cruise Lines
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 20:49
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/04/08
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.