Whitbread PLC (GB:WTB)
LSE:WTB
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Whitbread
(LSE:WTB)
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Rating:58Neutral
Price Target:
2,356.00 p
▼(-7.79% Downside)
Action:Reiterated
Date:05/06/26
The score is anchored by mixed fundamentals: solid operating profitability and positive operating cash flow, but pressured by elevated leverage and sharply weaker free cash flow. Technicals materially detract due to a clear downtrend (price below key moving averages and negative MACD). Offsetting some of this, the earnings call outlined credible medium-term value levers (efficiencies, ROCE improvement, property recycling and long-term FCF targets) and the dividend yield is supportive, though near-term headwinds and a negative P/E temper the valuation signal.
Positive Factors
Consistent operating margins
Whitbread's operating margins have held around 19–21% across 2023–2026, reflecting scale, pricing power and operational efficiency in the Premier Inn model. Durable margins support stable operating profitability, help absorb cyclical demand swings and underpin multi‑year cash generation and reinvestment capacity.
Negative Factors
Elevated balance‑sheet leverage
Whitbread carries a meaningful debt load and reduced equity since 2023, leaving less balance‑sheet flexibility. Elevated leverage raises refinancing and interest sensitivity, constrains strategic optionality, and increases reliance on asset recycling and cash generation to meet targets over the medium term.
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Positive Factors
Negative Factors
Consistent operating margins
Whitbread's operating margins have held around 19–21% across 2023–2026, reflecting scale, pricing power and operational efficiency in the Premier Inn model. Durable margins support stable operating profitability, help absorb cyclical demand swings and underpin multi‑year cash generation and reinvestment capacity.
Read all positive factors
Whitbread (WTB) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£3.96B
Dividend Yield3.8%
Average Volume (3M)515.17K
Price to Earnings (P/E)21.1
Beta (1Y)0.89
Revenue Growth-0.06%
EPS Growth-13.45%
CountryUK
Employees36,700
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)1.22
Shares Outstanding167,741,530
10 Day Avg. Volume728,477
30 Day Avg. Volume515,166
Financial Highlights & Ratios
PEG Ratio-1.58
Price to Book (P/B)1.43
Price to Sales (P/S)1.54
P/FCF Ratio45.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£2,550.83Price Target Upside-0.16% Downside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)1.81
Revenue Forecast (FY)£2.93B
Whitbread Business Overview & Revenue Model
Company Description
Whitbread plc operates hotels and restaurants in the United Kingdom, Germany, and internationally. It operates approximately 841 hotels with 82,286 rooms in the United Kingdom; 10 hotels in the Middle East; and 35 hotels with 5,875 rooms in German...
How the Company Makes Money
Whitbread makes money mainly by selling hotel rooms through its Premier Inn estate. The core revenue stream is accommodation revenue (room nights), priced dynamically based on demand, location, and seasonality, sold via direct channels (Premier In...
Whitbread Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call presented a broadly constructive picture: operational outperformance in the U.K., Germany reaching profitability, strong cash generation, substantial progress on a high-return Accelerating Growth Plan and an enlarged efficiency program. Management acknowledged near-term headwinds (business rates, labor inflation, AGP transition effects and increased lease obligations from recycling) but set out concrete mitigations and medium-term targets (GBP 275m incremental PBT from initiatives, GBP 250m efficiencies, GBP 1.5bn property recycling, 500bps ROCE improvement and GBP 2bn free cash flow by FY'31). Given the balance of many quantitative improvements and clear medium-term value creation levers versus manageable and disclosed short-term pains, the overall tone of the call is positive.Positive Updates
EBITDA Growth and Strong Operating Cash Flow
Group EBITDA increased 4% to GBP 1.1bn, supported by adjusted operating cash flow of over GBP 700m.
Negative Updates
Flat Group Revenues and Adjusted Profit Before Tax
Group revenues were flat year-on-year and adjusted profit before tax was flat at GBP 483m, reflecting offsetting dynamics (U.K. accommodation recovery vs lower F&B and inflationary pressures).
Read all updates
Q4-2026 Updates
Positive
Negative
EBITDA Growth and Strong Operating Cash Flow
Group EBITDA increased 4% to GBP 1.1bn, supported by adjusted operating cash flow of over GBP 700m.
Read all positive updates
Company Guidance
Whitbread guided that in FY27 it expects to open ~1,000 UK rooms plus ~750 AGP extension rooms and c.2,300 rooms in Germany, with net CapEx of £200–300m funded by recycling c.£450–500m of freehold property this year; the AGP extension will cause a c.£40m PBT hit in FY27 (net FY27 PBT down ~£10m) but is projected to deliver c.£30–40m incremental PBT in FY28 and ~£100m by Feb‑31. Under the new 5‑year plan the group targets £275m incremental PBT by Feb‑31 (AGP, UK high‑return projects and Germany), £250m cumulative efficiencies (FY27–31), a reduction in gross CapEx from £3.5bn to £2.5bn, recycling £1.5bn of freeholds, cutting net annual CapEx to £200–250m p.a., increasing group ROCE by 500bps and generating £2bn free cash flow for shareholders by FY31; Germany is expected to reach ~18,000 rooms, turn cash‑flow positive by FY29 and deliver double‑digit returns and c.£65m incremental adjusted profit by FY31. Current leverage remains within the investment‑grade threshold (lease‑adjusted leverage 3.3% vs 3.5x limit); FY26 metrics referenced include EBITDA £1.1bn, adjusted PBT £483m, net debt £709m, occupancy 79%, ARR £82, a UK RevPAR premium c.£6–7 and £419m returned to shareholders.Whitbread Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
58
Neutral
Cash Flow
52
Neutral
| Breakdown | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.92B | 2.92B | 2.96B | 2.63B | 1.70B |
| Gross Profit | 1.48B | 1.88B | 1.17B | 1.27B | 551.00M |
| EBITDA | 622.80M | 957.00M | 1.01B | 883.70M | 554.40M |
| Net Income | 212.90M | 253.70M | 312.10M | 278.80M | 42.50M |
Balance Sheet | |||||
| Total Assets | 9.57B | 9.90B | 9.52B | 9.94B | 9.57B |
| Cash, Cash Equivalents and Short-Term Investments | 233.70M | 909.00M | 696.70M | 1.16B | 1.13B |
| Total Debt | 5.47B | 5.63B | 5.09B | 4.95B | 4.69B |
| Total Liabilities | 6.43B | 6.57B | 6.00B | 5.83B | 5.45B |
| Stockholders Equity | 3.14B | 3.33B | 3.52B | 4.11B | 4.12B |
Cash Flow | |||||
| Free Cash Flow | 98.50M | 263.50M | 369.40M | 276.90M | 289.20M |
| Operating Cash Flow | 754.20M | 761.70M | 877.90M | 795.70M | 510.70M |
| Investing Cash Flow | -384.30M | -362.40M | -443.90M | -486.00M | -204.60M |
| Financing Cash Flow | -1.05B | -186.10M | -901.00M | -279.20M | -429.10M |
Whitbread Technical Analysis
Positive
2555.00
Price Trends
2324.70
Positive
2460.09
Negative
2648.18
Negative
Market Momentum
-4.31
Negative
55.86
Neutral
69.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:WTB, the sentiment is Positive. The current price of 2555 is above the 20-day moving average (MA) of 2297.28, above the 50-day MA of 2324.70, and below the 200-day MA of 2648.18, indicating a neutral trend. The MACD of -4.31 indicates Negative momentum. The RSI at 55.86 is Neutral, neither overbought nor oversold. The STOCH value of 69.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:WTB.
Whitbread Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $22.61B | 18.34 | -23.50% | 1.23% | 5.40% | 26.02% | |
66 Neutral | £304.09M | 4.77 | 9.30% | ― | -0.52% | 68.53% | |
65 Neutral | £1.39B | 3.51 | 6.46% | ― | 2.96% | 9.30% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | £3.96B | 21.08 | 6.73% | 3.80% | -0.06% | -13.45% | |
55 Neutral | £609.40M | 8.99 | 15.81% | 1.50% | 5.39% | -3.64% | |
54 Neutral | £654.67M | 11.67 | 4.65% | 1.84% | 5.33% | -53.26% |
* Consumer Cyclical Sector Average
GB:WTB
Whitbread
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-313.47
-11.63%
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Whitbread Corporate Events
Stock BuybackRegulatory Filings and Compliance
Whitbread Updates Market on Share Capital and Voting Rights
Neutral
May 1, 2026
Whitbread PLC has confirmed that, as of the close of business on 30 April 2026, it had 180,196,253 ordinary shares in issue, with 12,454,718 of those held in treasury, resulting in 167,741,535 voting rights. The updated share and voting-rights tot...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Whitbread Unveils Five-Year Plan to Boost Returns and Unlock £2bn in Free Cash Flow
Positive
Apr 30, 2026
Whitbread has launched a new five-year plan to FY31 that aims to turn the group into a higher-margin, higher-return pure-play hotel operator, centred on Premier Inn in the UK and Germany. Responding to rising costs such as business rates and Natio...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Whitbread Holds Profits Steady and Unveils Margin-Focused Five-Year Overhaul
Positive
Apr 30, 2026
Whitbread reported flat statutory revenue of £2.92bn for FY26, with adjusted profit before tax steady at £483m, as robust accommodation sales in the UK and Germany and a sharp turnaround to profitability in Premier Inn Germany offset wea...
Regulatory Filings and Compliance
Whitbread Updates Share Capital and Voting Rights Total
Neutral
Apr 1, 2026
Whitbread PLC has confirmed that, as of the close of business on 31 March 2026, it had 180,196,253 ordinary shares in issue, of which 12,454,718 were held in treasury, leaving 167,741,535 shares carrying voting rights. This updated voting-rights f...
Regulatory Filings and Compliance
Whitbread updates market on current voting rights and share capital
Neutral
Mar 2, 2026
Whitbread PLC has disclosed its current capital structure and voting rights, confirming that as of 27 February 2026 it had 180,196,253 ordinary shares in issue, of which 12,454,718 are held in treasury, leaving 167,741,535 shares carrying voting r...
Stock BuybackRegulatory Filings and Compliance
Whitbread completes latest share buy-back and corrects prior disclosure
Positive
Feb 27, 2026
Whitbread PLC has corrected an earlier disclosure on its share buy-back activity and confirmed the latest tranche of repurchases under its existing programme. On 25 February 2026, the company bought 61,150 ordinary shares through Morgan Stanley ac...
Business Operations and StrategyStock Buyback
Whitbread Completes Latest Share Buyback Tranche, Adjusts Voting Rights
Positive
Feb 26, 2026
Whitbread PLC has completed a tranche of its ongoing share buyback programme, repurchasing 61,150 ordinary shares on 25 February 2026 via Morgan Stanley at a volume-weighted average price of 2,633.21 pence. The company intends to cancel the repurc...
Stock BuybackRegulatory Filings and Compliance
Whitbread Continues Buyback as Voting Rights Fall to 167.8 Million
Positive
Feb 25, 2026
Whitbread PLC has continued its ongoing share buyback programme, repurchasing 38,875 ordinary shares on 24 February 2026 through Morgan Stanley at a volume-weighted average price of 2,640.92 pence. The company intends to cancel the newly purchased...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Advances Buyback Programme With New Share Repurchase
Positive
Feb 24, 2026
Whitbread PLC has continued its ongoing share buyback programme, repurchasing 70,264 ordinary shares on 23 February 2026 via Morgan Stanley at a volume-weighted average price of 2,665.48 pence, with the shares to be cancelled. Since the start of t...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Continues Share Buy-Back, Updates Voting Rights
Positive
Feb 23, 2026
Whitbread has continued executing its previously announced share buy-back programme, purchasing 24,930 ordinary shares on 20 February 2026 via Morgan Stanley at a volume-weighted average price of about 2,749.84 pence per share. The company intends...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Extends Share Buyback as Voting Rights Fall
Positive
Feb 20, 2026
Whitbread PLC has continued to execute its share buyback programme, repurchasing 76,741 ordinary shares on 19 February 2026 via Morgan Stanley at a volume-weighted average price of 2,713.08 pence. The company intends to cancel these shares, contri...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Continues Capital Return With Latest Share Buyback
Positive
Feb 19, 2026
Whitbread PLC has continued its share buyback programme, repurchasing 15,392 ordinary shares on 18 February 2026 via Morgan Stanley at a volume-weighted average price of 2,747.53 pence per share, with prices ranging between 2,731.00 and 2,760.00 p...
Regulatory Filings and Compliance
Whitbread Director Kal Atwal Buys Additional Shares
Positive
Feb 18, 2026
Whitbread PLC has disclosed a share purchase by independent non-executive director Kal Atwal, who acquired 462 ordinary shares in the company on 18 February 2026 in London. The transaction, executed across a SIPP, ISA and trading account for a tot...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Continues Buy-Back, Lifts Capital Returns and Adjusts Voting Base
Positive
Feb 18, 2026
Whitbread PLC has continued its ongoing share buy-back programme, repurchasing 55,265 ordinary shares on 17 February 2026 via Morgan Stanley Co. International at a volume-weighted average price of 2,716.26 pence. The company intends to cancel the...
Regulatory Filings and Compliance
Whitbread chair Christine Hodgson buys £210,000 of company shares
Positive
Feb 17, 2026
Whitbread’s chair and person discharging managerial responsibilities, Christine Hodgson, has purchased 7,750 ordinary shares in the company on 16 February 2026 in London. The transaction, executed at a price of £27.058992 per share for ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Expands £240m Buyback, Cuts Voting Share Count
Positive
Feb 17, 2026
Whitbread PLC has continued its ongoing share buyback programme, repurchasing 43,412 ordinary shares on 16 February 2026 via Morgan Stanley at a volume-weighted average price of 2,712.38 pence. The company intends to cancel these shares, reinforci...
Stock BuybackRegulatory Filings and Compliance
Whitbread Tightens Share Base With Ongoing Buyback Programme
Positive
Feb 16, 2026
Whitbread has continued its ongoing share buyback programme, purchasing 83,940 ordinary shares on 13 February 2026 via Morgan Stanley at a volume-weighted average price of 2,712.61 pence, with plans to cancel the repurchased stock. Since the progr...
Stock BuybackRegulatory Filings and Compliance
Whitbread Advances Share Buy-Back, Cuts Free-Float Voting Rights
Positive
Feb 13, 2026
Whitbread has continued executing its share buy-back programme, repurchasing 30,727 ordinary shares on 12 February 2026 via Morgan Stanley across several trading venues at a volume-weighted average price of about 2,722.74 pence. The company plans ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Extends Share Buy-Back, Updates Voting Rights Count
Positive
Feb 12, 2026
Whitbread PLC has continued its ongoing share buy-back programme, repurchasing 9,608 ordinary shares on 11 February 2026 via Morgan Stanley at a volume-weighted average price of 2,722.38 pence, with plans to cancel the stock. Since the programme b...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Advances Share Buyback, Cuts Free Float and Updates Voting Rights
Positive
Feb 11, 2026
Whitbread PLC has continued its previously announced share buyback programme, repurchasing 10,886 ordinary shares on 10 February 2026 via Morgan Stanley at a volume-weighted average price of 2,702.15 pence, with prices ranging between 2,688.00 and...
Stock BuybackRegulatory Filings and Compliance
Whitbread Continues Share Buy-back, Updates Voting Rights Total
Positive
Feb 10, 2026
Whitbread has repurchased 81,687 ordinary shares on 9 February 2026 via Morgan Stanley as part of its ongoing share buy-back programme launched in May 2025. The shares, bought at a volume-weighted average price of 2,680.35 pence and intended for c...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Whitbread Advances £233m Share Buyback, Cuts Voting Share Count
Positive
Feb 9, 2026
Whitbread PLC has continued its ongoing share buyback programme, repurchasing 122,998 ordinary shares on 6 February 2026 via Morgan Stanley at a volume-weighted average price of 2,702.72 pence. The company intends to cancel these shares, reinforci...
Stock BuybackFinancial DisclosuresRegulatory Filings and Compliance
Whitbread Continues Share Buyback, Tightening Free Float and Voting Base
Positive
Feb 6, 2026
Whitbread PLC has continued its share buyback programme, repurchasing 30,431 ordinary shares on 5 February 2026 via Morgan Stanley Co. International at a volume-weighted average price of 2,724.58 pence per share, with the shares to be cancelled. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.