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WTB

Whitbread LSE:WTB Stock Report

Last Price

UK£23.77

Market Cap

UK£4.8b

7D

-9.3%

1Y

-29.1%

Updated

27 Sep, 2022

Data

Company Financials +
WTB fundamental analysis
Snowflake Score
Valuation1/6
Future Growth4/6
Past Performance1/6
Financial Health4/6
Dividends1/6

WTB Stock Overview

Whitbread plc operates hotels and restaurants in the United Kingdom, Germany, and internationally.

Whitbread Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Whitbread
Historical stock prices
Current Share PriceUK£23.77
52 Week HighUK£34.53
52 Week LowUK£23.77
Beta1.11
1 Month Change-5.19%
3 Month Change-6.49%
1 Year Change-29.07%
3 Year Change-45.02%
5 Year Change-37.97%
Change since IPO113.95%

Recent News & Updates

Jun 17
Is Whitbread (LON:WTB) Using Too Much Debt?

Is Whitbread (LON:WTB) Using Too Much Debt?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Shareholder Returns

WTBGB HospitalityGB Market
7D-9.3%-4.4%-3.2%
1Y-29.1%-22.4%-14.6%

Return vs Industry: WTB underperformed the UK Hospitality industry which returned -22.4% over the past year.

Return vs Market: WTB underperformed the UK Market which returned -14.6% over the past year.

Price Volatility

Is WTB's price volatile compared to industry and market?
WTB volatility
WTB Average Weekly Movement3.7%
Hospitality Industry Average Movement5.6%
Market Average Movement5.2%
10% most volatile stocks in GB Market10.8%
10% least volatile stocks in GB Market2.6%

Stable Share Price: WTB is less volatile than 75% of UK stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: WTB's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
174235,700Alison Brittainhttps://www.whitbread.co.uk

Whitbread plc operates hotels and restaurants in the United Kingdom, Germany, and internationally. It operates approximately 841 hotels with 82,286 rooms in the United Kingdom; 10 hotels in the Middle East; and 35 hotels with 5,875 rooms in Germany under the Premier Inn, ZIP by Premier Inn, and hub by Premier Inn brands. The company also operates 439 restaurants under the Brewers Fayre, Beefeater, Whitbread Inns, Cookhouse & Pub, Bar+Block Steakhouse, Thyme, and Table Table brands in the United Kingdom.

Whitbread Fundamentals Summary

How do Whitbread's earnings and revenue compare to its market cap?
WTB fundamental statistics
Market CapUK£4.80b
Earnings (TTM)UK£42.50m
Revenue (TTM)UK£1.71b

112.9x

P/E Ratio

2.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
WTB income statement (TTM)
RevenueUK£1.71b
Cost of RevenueUK£1.23b
Gross ProfitUK£481.90m
Other ExpensesUK£439.40m
EarningsUK£42.50m

Last Reported Earnings

Mar 03, 2022

Next Earnings Date

Oct 25, 2022

Earnings per share (EPS)0.21
Gross Margin28.16%
Net Profit Margin2.48%
Debt/Equity Ratio24.1%

How did WTB perform over the long term?

See historical performance and comparison

Dividends

1.5%

Current Dividend Yield

165%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is WTB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WTB?

Other financial metrics that can be useful for relative valuation.

WTB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue4.9x
Enterprise Value/EBITDA34.6x
PEG Ratio3x

Price to Earnings Ratio vs Peers

How does WTB's PE Ratio compare to its peers?

WTB PE Ratio vs Peers
The above table shows the PE ratio for WTB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average17.9x
IHG InterContinental Hotels Group
19.8x14.7%UK£8.0b
ENT Entain
31x53.0%UK£6.6b
GRG Greggs
15.2x7.4%UK£1.8b
MAB Mitchells & Butlers
5.7x16.6%UK£831.4m
WTB Whitbread
112.9x37.7%UK£4.8b

Price-To-Earnings vs Peers: WTB is expensive based on its Price-To-Earnings Ratio (112.9x) compared to the peer average (17.9x).


Price to Earnings Ratio vs Industry

How does WTB's PE Ratio compare vs other companies in the GB Hospitality Industry?

Price-To-Earnings vs Industry: WTB is expensive based on its Price-To-Earnings Ratio (112.9x) compared to the UK Hospitality industry average (10.2x)


Price to Earnings Ratio vs Fair Ratio

What is WTB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

WTB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio112.9x
Fair PE Ratio42.3x

Price-To-Earnings vs Fair Ratio: WTB is expensive based on its Price-To-Earnings Ratio (112.9x) compared to the estimated Fair Price-To-Earnings Ratio (42.3x).


Share Price vs Fair Value

What is the Fair Price of WTB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WTB (£23.77) is trading above our estimate of fair value (£7.75)

Significantly Below Fair Value: WTB is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Whitbread forecast to perform in the next 1 to 3 years based on estimates from 21 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


37.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WTB's forecast earnings growth (37.7% per year) is above the savings rate (0.9%).

Earnings vs Market: WTB's earnings (37.7% per year) are forecast to grow faster than the UK market (9% per year).

High Growth Earnings: WTB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: WTB's revenue (11.8% per year) is forecast to grow faster than the UK market (4.6% per year).

High Growth Revenue: WTB's revenue (11.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WTB's Return on Equity is forecast to be low in 3 years time (6.4%).


Discover growth companies

Past Performance

How has Whitbread performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-56.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: WTB has a large one-off gain of £148.5M impacting its March 3 2022 financial results.

Growing Profit Margin: WTB became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: WTB's earnings have declined by 56% per year over the past 5 years.

Accelerating Growth: WTB has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: WTB has become profitable in the last year, making it difficult to compare its past year earnings growth to the Hospitality industry (35.8%).


Return on Equity

High ROE: WTB's Return on Equity (1%) is considered low.


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Financial Health

How is Whitbread's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: WTB's short term assets (£1.3B) exceed its short term liabilities (£719.6M).

Long Term Liabilities: WTB's short term assets (£1.3B) do not cover its long term liabilities (£4.7B).


Debt to Equity History and Analysis

Debt Level: WTB has more cash than its total debt.

Reducing Debt: WTB's debt to equity ratio has reduced from 38.1% to 24.1% over the past 5 years.

Debt Coverage: WTB's debt is well covered by operating cash flow (51.3%).

Interest Coverage: WTB's interest payments on its debt are not well covered by EBIT (0.5x coverage).


Balance Sheet


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Dividend

What is Whitbread current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.46%

Current Dividend Yield

Dividend Yield vs Market

Whitbread Dividend Yield vs Market
How does Whitbread dividend yield compare to the market?
SegmentDividend Yield
Company (Whitbread)1.5%
Market Bottom 25% (GB)2.1%
Market Top 25% (GB)5.9%
Industry Average (Hospitality)1.3%
Analyst forecast in 3 Years (Whitbread)2.5%

Notable Dividend: WTB's dividend (1.46%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (2.09%).

High Dividend: WTB's dividend (1.46%) is low compared to the top 25% of dividend payers in the UK market (5.9%).


Stability and Growth of Payments

Stable Dividend: WTB's dividend payments have been volatile in the past 10 years.

Growing Dividend: WTB's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (164.8%), WTB's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (24.4%), WTB's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.1yrs

Average management tenure


CEO

Alison Brittain (57 yo)

6.67yrs

Tenure

UK£2,164,000

Compensation

Ms. Alison Jane Brittain, CBE, has been Independent Non-Executive Director at Experian plc since September 1, 2020 and serves as its Senior Independent Director since July 21, 2022. Ms. Brittain serves as...


CEO Compensation Analysis

Alison Brittain's Compensation vs Whitbread Earnings
How has Alison Brittain's remuneration changed compared to Whitbread's earnings?
DateTotal Comp.SalaryCompany Earnings
Mar 03 2022UK£2mUK£892k

UK£43m

Dec 03 2021n/an/a

-UK£121m

Aug 26 2021n/an/a

-UK£284m

May 26 2021n/an/a

-UK£595m

Feb 25 2021UK£1mUK£816k

-UK£906m

Nov 25 2020n/an/a

-UK£761m

Aug 27 2020n/an/a

-UK£615m

May 27 2020n/an/a

-UK£198m

Feb 27 2020n/an/a

UK£218m

Aug 29 2019n/an/a

UK£162m

May 29 2019n/an/a

UK£169m

Feb 28 2019UK£6mUK£838k

UK£177m

Aug 30 2018n/an/a

UK£326m

May 30 2018n/an/a

UK£336m

Mar 01 2018UK£2mUK£808k

UK£345m

Dec 01 2017n/an/a

UK£409m

Aug 31 2017n/an/a

UK£425m

May 31 2017n/an/a

UK£423m

Mar 02 2017UK£3mUK£792k

UK£422m

Dec 02 2016n/an/a

UK£409m

Sep 01 2016n/an/a

UK£397m

Jun 01 2016n/an/a

UK£394m

Mar 03 2016UK£635kUK£329k

UK£391m

Compensation vs Market: Alison's total compensation ($USD2.33M) is about average for companies of similar size in the UK market ($USD3.30M).

Compensation vs Earnings: Alison's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: WTB's management team is seasoned and experienced (5.1 years average tenure).


Board Members

Experienced Board: WTB's board of directors are considered experienced (3.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

LSE:WTB Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
24 May 22BuyUK£20,850Funmibi ChimaIndividual789UK£26.43
13 May 22BuyUK£46,235Frank FiskersIndividual1,750UK£26.42

Ownership Breakdown

What is the ownership structure of WTB?
Owner TypeNumber of SharesOwnership Percentage
Public Companies47,8530.02%
Employee Share Scheme48,8730.02%
State or Government159,3810.08%
Individual Insiders179,7980.09%
Private Companies438,2230.2%
General Public22,783,98411.3%
Institutions178,169,88388.3%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 56.67% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.96%
BlackRock, Inc.
18,076,296£429.7m11.39%0.01%
4.63%
Massachusetts Financial Services Company
9,346,522£222.2m-4.22%0.07%
4.5%
The Vanguard Group, Inc.
9,087,674£216.0m1.49%0.01%
3.2%
UBS Asset Management
6,452,482£153.4m-2.97%0.03%
3.08%
BNP Paribas, Private & Investment Banking Investments
6,214,302£147.7m-8.73%1.14%
3.03%
Schroder Investment Management Limited
6,107,141£145.2m-7.61%0.13%
2.82%
Norges Bank Investment Management
5,695,474£135.4m6.27%0.02%
2.59%
Societe Generale Group, Banking Investments
5,217,428£124.0m99.63%1.37%
2.53%
Invesco Ltd.
5,106,137£121.4m7.66%0.05%
2.39%
Longview Partners (Guernsey) Ltd
4,832,680£114.9m-14.48%0.97%
2.26%
Legal & General Investment Management Limited
4,568,862£108.6m-0.83%0.04%
1.86%
Columbia Management Investment Advisers, LLC
3,756,703£89.3m-5.84%0.03%
1.72%
State Street Global Advisors, Inc.
3,465,508£82.4m-2.14%0.01%
1.67%
Amundi Asset Management
3,371,944£80.2m13.69%0.03%
1.39%
Baillie Gifford & Co.
2,796,004£66.5m654.16%0.04%
1.37%
Jupiter Fund Management Plc
2,765,593£65.7m1.06%0.25%
1.35%
Starwood Capital Group Management, L.L.C.
2,718,651£64.6m0%no data
1.27%
Schroder Investment Management North America Inc.
2,564,750£61.0m-7.64%0.25%
1.07%
Barclays Bank PLC, Securities Investments
2,157,767£51.3m53.11%0.18%
0.97%
J.P. Morgan Asset Management, Inc.
1,954,458£46.5m347.45%0.01%
0.88%
National Bank Investments Inc.
1,766,968£42.0m-13.02%0.2%
0.82%
Caisse des dépôts et consignations, Asset Management Arm
1,656,206£39.4m0%0.55%
0.82%
HSBC Global Asset Management (UK) Limited
1,654,853£39.3m-12.7%0.04%
0.76%
Royal London Asset Management Limited
1,531,694£36.4m18.39%0.08%
0.75%
Janus Henderson Group plc
1,508,236£35.9m-11.54%0.02%

Company Information

Whitbread plc's employee growth, exchange listings and data sources


Key Information

  • Name: Whitbread plc
  • Ticker: WTB
  • Exchange: LSE
  • Founded: 1742
  • Industry: Hotels, Resorts and Cruise Lines
  • Sector: Consumer Services
  • Implied Market Cap: UK£4.797b
  • Shares outstanding: 201.83m
  • Website: https://www.whitbread.co.uk

Number of Employees


Location

  • Whitbread plc
  • Whitbread Court
  • Houghton Hall Business Park
  • Dunstable
  • Bedfordshire
  • LU5 5XE
  • United Kingdom


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WTBC.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
WTBLSE (London Stock Exchange)YesOrdinary SharesGBGBPJan 1992
WHF4DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
WTBLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPJan 1992
WTBD.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDOct 2008

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/27 00:00
Earnings2022/03/03
Annual Earnings2022/03/03


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.