Whitbread (WTB.L): Data Update: Reflecting 1Q27 results

Research evidence excerpt

Whitbread (WTB.L): Data Update: Reflecting 1Q27 results

Equity Research

19 June 2026 | 7:17PM BST

We make minor estimate changes to reflect Whitbread’s fiscal 1Q27 results, primarily Ben Andrews, CFA

+44(20)7774-5489 |

making small upward revisions to our UK RevPAR growth forecast for this year. As a ben.andrews@gs.com

Goldman Sachs International

result, we raise our FY27 PBT forecast slightly to £396mn (from £393mn). Across our

Poppy Boyd-Taylor

forecast horizon, our EPS estimates are revised by <1%. We remain Neutral rated +44(20)7774-2994 | poppy.boyd-

with an unchanged 2,600p price target. taylor@gs.comGoldman Sachs International

Leo Mose

+44(20)7051-2439 | leo.mose@gs.com

Valuation and key risks Goldman Sachs International

Our 12-month price target is 2,600p and our rating is Neutral. Our price target

incorporates an 85% weighting on our fundamental valuation and a 15% weighting

to our M&A-based valuation. We derive our fundamental valuation by applying an

8.25x EV/EBITDA multiple to our CY9M27+3M28 estimates. Our M&A valuation

applies a 13.0x pre-IFRS 16 EV/EBITDA multiple to our CY9M27+3M28 EBITDA

estimate, based on historical transactions in the sector.

Key risks to our view and PT include: Stronger/weaker-than-expected industry

RevPAR trends; larger/smaller-than-expected market share gains in the UK;

faster/slower profitability inflection in Germany; lower/higher-than-expected cost

inflation or higher/lower efficiency gains than expected; accretive/dilutive M&A,

property revaluation.

Whitbread investment thesis

Our Neutral rating on Premier Inn owner Whitbread reflects a balance between our

view that the business has (1) the appropriate strategy to take advantage of the

structural opportunities in the UK and German hotel markets, (2) a management