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FTSE 100 movers: Whitbread boosted by Citi note; Mondi goes ex-div
(Sharecast News) - London's FTSE 100 was up 0.2% at 9,305.39 in afternoon trade on Thursday. Whitbread was in the black as Citi lifted its price target on the Premier Inn owner to 3,800p from 3,600p and reiterated its 'buy' rating, saying it sees a "compelling investment case" after the 29% share price increase since April.
"Balance sheet strength enables growth beyond the UK market as our UK project tracker shows circa 30% of Premier Inn's pipeline is office-to-hotel conversions, while in Germany we are encouraged by a Q2 hotel development pipeline inflection," the bank said.
"With current RevPAR growth not significantly skewed by concert calendars or weather, and inbound-outbound travel now broadly normalised supports a recovery over time towards c.+2% RevPAR driven by economic factors and supported by our expectation of c.0.5% UK market supply growth."
Citi said the stock's valuation is undemanding versus its own history and the UK market and the underlying investment case driving 10% earnings per share growth compelling.
On the downside, Mondi, Entain, Legal & General and Schroders all lost ground as they traded without entitlement to the dividend.
FTSE 100 - Risers
Flutter Entertainment (DI) (FLTR) 22,040.00p 2.23% BAE Systems (BA.) 1,757.00p 1.74% Babcock International Group (BAB) 995.50p 1.63% Whitbread (WTB) 3,152.00p 1.45% Fresnillo (FRES) 1,661.00p 0.85% Melrose Industries (MRO) 588.20p 0.82% Weir Group (WEIR) 2,490.00p 0.81% Rightmove (RMV) 778.20p 0.78% NATWEST GROUP (NWG) 558.00p 0.76% Prudential (PRU) 998.40p 0.65%
FTSE 100 - Fallers
Mondi (MNDI) 1,047.00p -2.70% Entain (ENT) 866.60p -2.34% Legal & General Group (LGEN) 254.70p -2.26% Smurfit Westrock (DI) (SWR) 3,089.00p -2.00% Schroders (SDR) 390.80p -1.81% Croda International (CRDA) 2,515.00p -1.68% Coca-Cola HBC AG (CDI) (CCH) 3,930.00p -1.65% InterContinental Hotels Group (IHG) 8,760.00p -1.62% easyJet (EZJ) 501.00p -1.46% JD Sports Fashion (JD.) 92.06p -1.35%
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