Whitbread PLC (LSE:WTB) has limited visibility into bookings and management is more cautious compared to this time last year but the Premier Inn owner remains at an attractive valuation even so, says broker Jefferies.
Uneven demand patterns will again become visible in this year’s fourth quarter, but that aside Jefferies sees a minus 20% share price performance YTD as unwarranted.
Neither UK self-help and ongoing growth nor significant market share growth potential in Germany are reflected at present, said the broker.
Shares were flat at 2,946p.