Whitbread PLC: Q1 27 Preview: Not a Material Event

研报英文原文证据摘录

Whitbread PLC: Q1 27 Preview: Not a Material Event

Equity Research

European Leisure

12 June 2026

Whitbread PLC

Q1 27 Preview: Not a Material

Event

We expect a neutral to marginally positive Q1, with WTB.L/WTB LN EQUAL WEIGHT

unchanged full-year consensus, but near-term trading Unchanged

momentum in the UK could support sentiment. Our forecasts European Leisure UnchangedNEUTRAL

and price target are unchanged. Price Target GBp 2100

Unchanged

What’s new? We update our model ahead of Whitbread’s Q1 May-26 trading update and AGM on Price (11-Jun-26) GBp 2318

18 June. Our full-year estimates and price target are unchanged. Potential Upside/Downside -9.4%

Source: Bloomberg, Barclays Research

View into results. We view Q1 results as neutral to marginally positive. FY consensus is likely to

remain unchanged with limited incremental news since FY results, but improving UK RevPAR Market Cap (GBP mn) 3888

momentum could provide some support to sentiment. While the shares have already reacted to Shares Outstanding (mn) 167.74

Q1 trends, positive commentary on Q2 UK current trading could further drive sentiment (despite Free Float (%) 97.44

soft German data). Company feedback suggests FY27 consensus PBT is closer to c.£390m, 52 Wk Avg Daily Volume (mn) 0.6

indicating Bloomberg consensus may be stale. Shareholder support for the current strategy at Dividend Yield (%) 4.18

the AGM also appears likely. Return on Equity TTM (%) 6.58

Current BVPS (GBp) 1869

STR data and forecasts. We forecast group Q1 revenues £733m. UK tracker: Our STR tracker for Source: Bloomberg

the UK lands on Q1E +1.4%, and assumes 0.9pp outperformance vs the market. We forecast

revenues of £660m. Germany tracker: With the market at -4.1% Q1E RevPAR due to non- Price Performance Exchange-LSE