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1、Travel&Leisure2018FocusonCompetitiveAdvantage1November2018TimRamskill+442078837361tim.ramskill@credit-suisse.comTalGrant+442078834910tal.grant@credit-suisse.comJuliaPennington+442078880157julia.pennington@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTA
2、INSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaff
3、ecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.WhyCreditSuisseResearch?Highimpactresearchthatspansacrossassetclasses,sectors,andregions2WhyCreditSuisseAnalytics?Accesstoinnovativetools,models,andcapab
4、ilitiesatyourfingertips3Travel&Leisure2018FocusonCompetitiveAdvantage61.Catering&Vouchers–FavouringthelongtermwinnerAsdetailedinourIdeasEnginereport(Compass–Thecorporatemoatgetswideranddeeper,25thSept’18),ournewCompetitiveAdvantageModel(CAM)underpinsourpositiveviewon
5、CompassGroup(O/P,TP2010p)withthestrengthofitsUSdivisionandsuperiorgrowthattractive.WerateSodexoU/Pgivenlimitedgrowthandconcernregardinganeedtore-investmargintore-invigoratethebusiness.WeareNeutralonElior(N,TP€13.9)asonlyintheeventofcorporateactiontochangetheconglomer
6、atestructuredoesshareoutperformanceasimpliedbyourSOTPseemlikely.2.Hotels–Anon-consensussetofratingsFollowingtheCostadisposal,ourcontinuedpositiveviewonWhitbread(TP5600p)ispartlydrivenbythecorePremierInninvestmentcasebeingcompellingtogetherwithsignificantassetbacking.
7、InNovemberweupgradedIHG(O/P,TP5,650p)asweviewAvidasIHG'smostsignificantbrandlaunchinover25years,cashreturnpotential,themarketunder-estimatesthecostdeflationsupportedbyIHG'ssystemfund,whilethenewCEOispushingformoregrowthonimprovedefficiency.WeupgradedAccortoNinJan-18g
8、ivenpeerre-ratings,EuropeanmacrostrengthandthecompletionofProjectBooster.Keyratingchanges:3.Gaming–Regulationagiftandacursesofari
