Previews & Comps: ‘Weekend Break‘ No.1,155

Research evidence excerpt

Previews & Comps: ‘Weekend Break‘ No.1,155

Foundation

July 31, 2026 08:53 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. 1,155 Axel Stasse

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

We assess upcoming results from IHG, Entain, Flutter and TUI. James S Harden

We also include a summary of our latest research and global ResearchJames.Harden@morganstanley.comAssociate +44 20 7677-0986

valuation comps. James Ruddell

Research Associate

Previews: James.Ruddell@morganstanley.com +44 20 7677-1803

• InterContinental Hotels H1: We forecast +3.6% RevPAR, +4.9% NUG and +12% Morgan Stanley & Co. LLC

Stephen W GramblingEBIT, and expect the company to signal confidence in FY consensus expectations,

given stronger than expected US data Stephen.Grambling@morganstanley.com +1 212 761-1010

• Entain H1: We forecast H1 EBITDA of £558m (-4%, including parent fees and

Leisure and Hotels

including consolidation of CEE), with focus on UK online trading, CEE divestment Europe

and BetMGM Industry View Attractive

• Flutter Q2: We forecast Q2 EBITDA of $484m, with focus on Prediction Markets,

UK&I recovery and clarity on the FY26-27 bridge

• TUI Q3: We think Q3 will surprise positively but Q4 is a more important quarter,

so TUI will likely retain its wide FY profit guidance. We expect Q3 revenues of

€5.9bn (-4%) and EBIT of €185m (-28%)

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Tracker here

• Accor: Do Not Disturb (For Now): Resume at Equal-weight

• Accor: Mixed H1, FY Guidance as Expected

• Accor: Off the Call