Previews & Comps: ‘Weekend Break‘ No.1,153

Research evidence excerpt

Previews & Comps: ‘Weekend Break‘ No.1,153

Foundation

July 17, 2026 10:21 AM GMT

Morgan Stanley & Co. International plc+MLeisure & Hotels | Europe Jamie Rollo

Equity Analyst

Previews & Comps: 'Weekend Jamie.Rollo@morganstanley.comEd Young +44 20 7425-3281

Ed.Young@morganstanley.com +44 20 7677-1761

Break' No. 1,153 Axel Stasse

Axel.Stasse@morganstanley.com +44 20 7425-2429

We assess upcoming results from Compass, JD Wetherspoon, James S Harden

Mitchells & Butlers, Royal Caribbean, SSP, Accor, IHG, Cirsa, ResearchJames.Harden@morganstanley.comAssociate +44 20 7677-0986

Entain, FDJU, Flutter and Lottomatica. We also include a Morgan Stanley & Co. LLC

summary of our latest research and global valuation comps. Stephen W Grambling

Previews: Stephen.Grambling@morganstanley.com +1 212 761-1010

• Compass Q3 Trading Update: We expect organic sales growth of 6.9% driven by Leisure and Hotels

stronger net new contract sales, and a reiteration of FY guidance Europe

Industry View Attractive

• JD Wetherspoon Q4 Trading Update: We expect +3% Q4 LfL sales, though the

fair weather may mean this is on the low side

• Mitchells & Butlers Q3 Trading Update: We expect +2% Q3 LfL sales and +3% for

FY26

• Royal Caribbean Q2: We forecast EPS of $3.96, just above the top end of

guidance, but expect this to be offset by dull Q3 yield guidance

• SSP Q3 Trading Update: We expect +3.6% Q3 c/c revenues and expect unchanged

FY guidance

• Accor H1: We forecast +2.6% H1 RevPAR, +3.6% NUG and +4% c/c EBITDA, and

expect the company to guide to FY26 EBITDA of €1,250-1,280m

• InterContinental Hotels H1: We forecast +3.6% RevPAR, +4.9% NUG and +12%

EBIT, and expect the company to signal confidence in FY consensus expectations,

given stronger than expected US data