Week Ahead: Whitbread in need of a perc

17th Jun 2011 07:51

Whitbread did relatively well during the credit crunch era, with hotel users trading down to its Premier Inns and coffee addicts finding themselves unable to give up the Costa Coffee habit, but since the company's full year results at the end of April, investors have turned a bit sour on the company.The reason for the tepid enthusiasm for the shares is likely to have been prompted by a cautious appraisal by management of the outlook for trading for the rest of this year.Credit Suisse, for one, responded by slashing its price target for the stock from 2,230p to 1,992p, though it stuck with its "outperform" rating. The broker also cut its full year earnings per share forecasts by 6% and 9% for 2012 and 2013, respectively.Panmure Gordon thinks Wednesday's interim management statement could trigger further downward revisions of forecasts."We forecast the group will report +1.8% LFL [like-for-like] sales growth in Q1 (Premier Inn +1.5%, Restaurants +2.5% and Costa +2.0%) but this is not enough to prompt a rerating of a stock trading on a current year 2011E P/E [price/earnings ratio] of 12.1x," Panmure Gordon said.On the economic front, on Wednesday the Bank of England releases the minutes from the most recent meeting of the Monetary Policy Committee. Having gone through a period earlier in the year when there were growing signs of nervousness about inflation trends, the committee seems to have returned in recent months to a position that suggests low interest rates are to remain in force for some time yet.Monday June 20INTERNATIONAL ECONOMIC ANNOUNCEMENTSConvenience Store Sales (JPN)Cabinet Office Monthly Economic Report (JPN)Producer Price Index (GER) (07:00)Balance of Payments (EU) (09:00)Current Account (EU) (09:00)Labour Costs (EU) (10:00)UK ECONOMIC ANNOUNCEMENTSRightmove House Pirces (00:01)FINALSF&C Global Smaller Companies, Green ComplianceIMSSIntegra Group GDR (Reg S)AGMSAll Nippon Airways Co Ltd., Core VCT IV, Core VCT V, Heritage Oil, IGas Energy, Loudwater Trust Ltd., Matrix Income & Growth 4 VCT, Ovoca Gold, Surgical Innovations Group, X5 Retail Group NV GDR (Reg S)TRADING ANNOUNCEMENTSAggrekoFINAL DIVIDEND PAYMENT DATEKingfisher, Nationwide Accident Repair Services, NTT DoCoMo IncFINAL EX-DIVIDEND DATEInvestment CompanyTuesday June 21INTERIMSDomino Printing SciencesINTERIM DIVIDEND PAYMENT DATEMatchtech GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Existing Home Sales (US) (15:00)UK ECONOMIC ANNOUNCEMENTSPublic Sector Finances (09:30)CBI Industrial Trends Surveys (11:00)GMSAlpha Bank GDR (Reg S) USD, Image Scan Holdings, IP GroupFINALSAssura Group Ltd., Capital Pub Company, Creston, First Property Group, Halma, HML Holdings, RPC GroupIMSSWhitbreadEGMSElephant CapitalAGMSAlpha Bank GDR (Reg S) USD, Crosby Asset Management Inc., EIH Plc, Hambledon Mining, JSC OGK-2 GDR (Reg S), Medicsight, MMC Norilsk Nickel ADR, Oracle Coalfields, Tiger Resource Finance, Tower Resources, Toye & Co, Volvere, WhitbreadFINAL DIVIDEND PAYMENT DATEBlackRock Smaller Companies Trust, Capital Shopping Centres Group, Dillistone Group, Hiscox Ltd., Martin Currie Portfolio Inv Trust, Provident Financial, Share PlcWednesday June 22INTERIMSLo-Q, Wynnstay GroupINTERIM DIVIDEND PAYMENT DATEDiplomaINTERIM EX-DIVIDEND DATEEdinburgh Worldwide Inv Trust, Jupiter Green Inv TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSSupermarket Sales (JPN)Business Confidence Indicator (FRA) (07:45)Consumer Confidence Indicator (EU) (10:00)Industrial New Orders (EU) (10:00)MBA Mortgage Applications (US) (12:00)House Price Index (US) (15:00)Crude Oil Inventories (US) (15:30)FOMC Interest Rate (US) (17:15)GMSCosalt, MWB Business Exchange, SeaEnergy, TUI TravelFINALSImagination Technologies Group, Kesa ElectricalsEGMSLeed PetroleumAGMSAnglo-Eastern Plantations, Autologic Holdings, Blackstar Group, Braemar Shipping Services, Core VCT, Cosalt, Eastern European Trust, HaiKe Chemical Group Ltd. (DI), Impellam Group, Inch Kenneth Kajang Rubber, Mariana Resources Ltd., Northern Electricity Prf, Oxford Catalysts Group, PetroNeft Resources, Press Corp. GDR (Reg S), Providence Resources, Randall & Quilter Investment Holdings, Renewable Energy Holdings, Taihua, Toshiba Corp., Vimetco GDR NV GDR (Reg S), Walker GreenbankUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Minutes (09:30)FINAL DIVIDEND PAYMENT DATEArgo Group Ltd., Graphite Enterprise Trust, Motivcom, Premier FarnellFINAL EX-DIVIDEND DATEAEC Education, Aveva Group, BATM Advanced Communications Ltd., Caffyns, CML Microsystems, Corin Group, Cupid, Dairy Crest Group, Densitron Technologies, Downing Planned Exit VCT 6, Downing Planned Exit VCT 7, Electrocomponents, Game Group, Hargreave Hale AIM VCT 2, Harvey Nash Group, Hasgrove, Invensys, Land Securities Group, Mitie Group, Norcon, PayPoint, Record, Severn Trent, Telford Homes, Templeton Emerging Markets Inv Trust, UK Mail Group , United Utilities Group, Victoria, ViCTory VCT, Vislink, Wynnstay PropertiesThursday June 23INTERIMSChemring Group, Safestore HoldingsINTERIM DIVIDEND PAYMENT DATETiton HoldingsQUARTERLY PAYMENT DATEVirgin Media Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Manufacturing Survey (FRA) (08:00)PMI Service Sector Survey (FRA) (08:00)PMI Manufacturing Survey (GER) (08:30)PMI Service Sector Survey (GER) (08:30)PMI Manufacturing Survey (EC) (09:00)PMI Service Sector Survey (EC) (09:00)PMI Composite Index (EC) (09:00)Chicago Fed National Activity Index (US) (13:30) Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)New Homes Sales (US) (15:00)GMSCity of London Inv Trust, HMV GroupFINALSAmphion Innovations, Dart Group, Dixons Retail , DS Smith, Falkland Islands Holdings, Latham (James), Micro Focus International Plc, NorcrosAGMSArgo Real Estate Opportunities Fund, China Gateway International, Fujitsu Ltd., GoIndustry-DoveBid, Hellenic Telecom Industries SA ADS, JD Sports Fashion, JSC Chelyabinsk Zinc Plant GDR (Reg S), KazakhGold Group Ltd. GDR (Reg S), Lukoil 'B' GDR (Reg S), National Bank of Greece ADR, Nippon Telegraph & Telephone Corp., OAO Tatneft GDR (Reg S), Platmin Ltd., Soco International, SpaceandPeople, Stobart Group Ltd., Tawa, ValiRx, Water Hall GroupTRADING ANNOUNCEMENTSRank GroupUK ECONOMIC ANNOUNCEMENTSBBA Mortgage Lending Figures (09:30)CBI Distributive Trades Surveys (11:00)FINAL DIVIDEND PAYMENT DATEBritish American Inv Trust, International Power, Rotala, ScisysFriday June 24INTERIM DIVIDEND PAYMENT DATEGCP Infrastructure Investments Ltd., Keystone Inv Trust, London Security, Northern Venture Trust, Standard Life Equity Income TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence Indicator (FRA) (07:45)IFO Business Climate (GER) (09:00)IFO Current Assessment (GER) (09:00)IFO Expectations (GER) (09:00)Retail Sales (GER) Durable Goods Orders (US) (13:30)GDP (Final) (US) (13:30)FINALSBerkeley Group Holdings ANNUAL REPORTAlpha Tiger Property Trust Ltd., Northern 3 VCTSPECIAL DIVIDEND PAYMENT DATERotorkEGMSUnited Bank Ltd. GDR (Reg S)AGMSAnglo Asian Mining, Canaccord Financial Inc., Cazenove Absolute Equity Ltd., Central Rand Gold Ltd., Diamond Circle Capital, Empyrean Energy, Fubon Financial Holdings Co Ltd.GDR (Reg S), Mitsubishi Corp., Narborough Plantations, Symphony Environmental TechnologiesFINAL DIVIDEND PAYMENT DATEBrainJuicer Group, Dignity, Fortune Oil, JKX Oil & Gas, John Menzies, Kings Arms Yard VCT, Kings Arms Yard VCT 2, Lees Foods, Matrix Income & Growth 4 VCT, Maven Income & Growth 2 VCT, Networkers International, Nippon Telegraph & Telephone Corp., Spectris, Ukrproduct Group Ltd., Witan Pacific Inv Trust, Xaar--jh