dreamcatcher
- 09 Nov 2013 22:31
dreamcatcher
- 09 Nov 2013 23:34
- 2 of 65
UPDATE - Merlin Entertainments enjoys early stock market ride
By Jamie Nimmo November 08 2013, 9:42am
Merlin Entertainments (LON:MERL) enjoyed its early ride on the stock market as the Madame Tussauds and Legoland group’s stock soared on debut.
The company floated on the stock market this morning at 315p a share, towards the upper end of its price range of 280p to 330p, valuing the group, which also owns Thorpe Park and Alton Towers, at £3.2bn.
But already the company is worth £340mln more than that amount, having risen to 348p a share in early trade.
Merlin is offering up 30% of its shares in the IPO to raise around £957mln to pay down debt, having initially flagged a 20% offering.
Retail investors have got their hands on 12.5% of the share issue, while the remaining 87.5% has gone to institutions.
Private investors must apply for at least £1,000 to own the stock, but it comes with money off annual passes to any of Merlin’s attractions, saving investors £107 each.
Those who applied for over £1,000 worth of shares will get 317 shares (worth £998.55) and 55% of the remaining amount they applied for, up to a maximum of £27,947.
The application deadline is 5pm this evening. Conditional trading began today for institutional shareholders, while private investors can deal the stock from November 13.
Following the admission, KIRKBI, the founders of Lego, will own just under 30% of the shares, private equity firms Blackstone and CVC Capital will hold 22.6% and 13% of the shares respectively, while management will have a 4.4% interest.
“We are delighted with the strong response from both institutions and retail shareholders to our offer,” said chief executive Nick Varney.
“We have long stated our belief that becoming a public company was Merlin's ultimate destiny, providing the right long-term ownership to enable the next stage of development.”
dreamcatcher
- 10 Nov 2013 09:43
- 3 of 65
Could it be magic? Entertainment group Merlin's shares get off to a flier, rising 10% on first day
By Daily Mail Reporter
PUBLISHED: 22:21, 8 November 2013 | UPDATED: 09:09, 10 November 2013
Going high: Shares at London Eye owner Merlin soared after the company listed on Friday
Read more: http://www.dailymail.co.uk/money/markets/article-2493498/London-Eye-owner-Merlin-list-catches-eye.html#ixzz2kEagschw
Follow us: @MailOnline on Twitter | DailyMail on Facebook
http://www.dailymail.co.uk/money/markets/article-2493498/London-Eye-owner-Merlin-list-catches-eye.html
dreamcatcher
- 11 Nov 2013 16:53
- 4 of 65
11 Nov Beaufort... N/A Buy
dreamcatcher
- 11 Nov 2013 20:41
- 5 of 65
The Naked Trader 6 Nov, lol.
I've put in to buy some of new issue Merlin Entertainments via Barclays. I think the offer closes tomorrow so if you want some you need to be quick.
I don't know if it will be scaled back but I put in for 10 grands worth.
It operates all those vile theme parks that us poor parents get dragged to visit. Full of families eating well over-priced crap. But that is good news for us canny investors!
They operate parks like Legoland , Chessington Sea life and the Eye. All horrible apart from the Eye.
They've had a good year with revenues up over 11% and plan to build more tedious parks all over the world so that more parents can spend a fortune entertaining their spoiled children. And eat their way through wads of revolting fast food junk. Still, good profit margins for us though!
Watch out though - the shares could be a roller coaster ride....
Depends on the pricing as to how long I hold them. I'll wait and see.
dreamcatcher
- 13 Nov 2013 15:11
- 6 of 65
No Royal Mail repeat for Merlin Entertainments
By Jamie Nimmo November 13 2013, 10:01am Retail investors have got their hands on 12.5% of the share issueRetail investors have got their hands on 12.5% of the share issue
Merlin Entertainments (LON:MERL), the attractions group behind Legoland and Madame Tussauds, avoided the rush for the exit that Royal Mail (LON:RMG) saw on the first day of trading for retail investors.
Private investors held onto their stock, with the share price barely moved at 345p. This is still 30p higher than the IPO price announced on Friday before institutional investors began swapping shares.
Few people who applied for the £1,000 required to own a stake opted to dump their holdings at the first opportunity.
Retail investors have got their hands on 12.5% of the share issue, while the remaining 87.5% has gone to institutions.
Following the admission, KIRKBI, the founders of Lego, will own just under 30% of the shares; private equity firms Blackstone and CVC Capital will hold 22.6% and 13% of the shares respectively, while management will have a 4.4% interest.
Royal Mail’s shares spiked on their debut as investors who only got £1,000 worth of stock opted to sell at the first chance – a trading tactic known as ‘stagging’.
dreamcatcher
- 14 Nov 2013 18:40
- 7 of 65
Shares -
Merlin is a star attraction
Investors with a long time horizon are best suited for new large cap leisure constituent
Alton Towers-to-Legoland operator Merlin Entertainments (MERL) has done well since its initial public offering (IPO), rising 10% on its first day of dealings (8 Nov) to 347p. The challenge for investors not yet in the stock is to decide whether there is still merit in buying the theme park operator given its high valuation.
The flotation was priced at 315p and the shares have since risen to 349.5p to value the business at £3.5 billion. That puts Merlin on 19.9 times Numis’ 2014 earnings forecast. We do not see that as overly-expensive.
Longer-term investors should buy Merlin since best-in-class operators with quality brands deserve a premium rating. Pre-tax profit is forecast to grow by 28% to £193 million in 2013 before further gains to £247 million in 2014 and £283 million in 2015.
Merlin is a worthy stock for a diversified investment portfolio as it runs some of the biggest leisure brands that can be rolled out in multiple geographies. It is a great play on economic recovery in the UK, Europe and the US, with growing opportunities from Asia, the source of 14% of group revenue in 2012. Its boasts a strong market position, high barriers to entry, broadening geographic diversity and internally-funded growth.
Numis forecasts a dividend of 6.1p per share for 2014. The lowly yield of 1.7% is unlikely to deter growth-oriented investors.
Market commentators have warned of lofty capital expenditure requirements and high debt. Numis’ cashflow model shows capex on both maintenance and expansion is much less than net cash generated from operations so there will be money left over to pay a dividend and also reduce debt. Net borrowings are forecast to go from £1.1 billion in 2013 to £741 million in 2017.
Merlin has 99 sites in 22 countries including six resort theme parks, six Legoland parks and 87 Midway attractions whose brands include Madame Tussauds, Sea Life, Falls Creek and The Eye, whose London big wheel is the number one paid-for visitor attraction in the UK.
It will invest in themed accommodation at leisure parks, turning them into resorts; a new Legoland park approximately every three years; and seven new Midway attractions annually costing between £6 million and £9 million each.
The big risk is Blackstone and CVC further sell down their respective 22.4% and 18.4% stakes once a 180-day lock-up period expires in May 2014.
dreamcatcher
- 15 Nov 2013 15:23
- 8 of 65
Investors have missed the ride at Merlin Entertainments, claims Credit Suisse
By Jamie Nimmo November 15 2013, 10:07am Stealth at Thorpe Park is one of the rides on Merlin's booksStealth at Thorpe Park is one of the rides on Merlin's books
Investors should not bother queuing up for shares in Merlin Entertainments (LON:MERL), the company behind Legoland and Thorpe Park.
That’s the advice of stockbroker Credit Suisse, which thinks the attractions group’s shares have already hit their peak after just a week on the stock market.
The shares went on offer for 315p last Friday are now at 352p, which is the Swiss broker’s 12-month target price.
It thinks the company, which also owns Alton Towers and Madame Tussauds, offers a robust strategy but thinks the story lacks the exciting upside investors look for.
This is partly based on its ‘detailed’ analysis of customers’ opinions of Merlin’s attractions, which involved clicking on TripAdvisor to see its rating.
-------------------------------------------------------------------------------------
Merlin Entertainment: Credit Suisse initiates with a target price of 352p and a neutral rating.
dreamcatcher
- 16 Dec 2013 16:56
- 9 of 65
Analysts may have waxed lyrical about Madame Tussauds group Merlin Entertainments (LON:MERL) before its recent IPO, but Oriel Securities thinks the shares will struggle to rise any further.
Analyst Jeffrey Harwood said: “The shares have risen to a healthy premium over the IPO price of 315p. Merlin is a unique company in the UK market, and looks well placed to continue to grow, but this appears to be reflected in the premium rating of 20 times P/E for 2014.”
The broker has a ‘hold’ recommendation for clients.
dreamcatcher
- 23 Dec 2013 16:14
- 10 of 65
Merlin Entertainments was pushed lower by news that a blaze which broke out at the Chessington World of Adventures Resort, southwest of London, forced the outfit to close the theme park.
dreamcatcher
- 10 Feb 2014 20:26
- 11 of 65
Merlin Entertainments' dominant brands spell success to Investec
By John Harrington
February 10 2014, 12:03pm
Investec says the group has attractive diversity across its customer demographic, attraction-type (from 2-hour to multi-day visits), geography (22 countries worldwide) and asset base (freehold/leasehold mix).
Investec has started coverage on Thorpe Park and Legoland owner Merlin Entertainments (LON:MERL) with a ‘buy’ recommendation.
In the broker’s view, Merlin offers unrivalled exposure to the global leisure sector, with strong barriers to entry, exceptional brand value and organic growth opportunities.
Investec thinks the entertainment and leisure group has most bases covered, with attractions in 22 countries ranging from those worth a brief visit to those where people visit for several days in succession.
The broker is forecasting a 15% compound annualised growth rate in earnings per share (EPS) between the fiscal years spanning 2013 to 2017. Over the longer term, it expects earnings to maintain this level of annual growth as the group undertakes the roll-out of Midway and Legoland attractions.
“Operational gearing is not high, although flexibility in the cost base minimises returns risk and we regard the projected free cash flow as supportive of a dividend (initial 40% pay-out ratio) that could show incremental proportional pay-out increases as the group de-levers over the medium-term,” Investec said.
Merlin’s current rating places the group at a relatively full earnings multiple against the sector, the broker concedes, but by dividing the enterprise value (market capitalisation plus debt) by underlying earnings (EBITDA) Investec has arrived at a multiple that is a discount to three of its large-cap peers.
“Similar to InterContinental Hotel Group and Carnival, we are supporters of groups with established and dominant global brands, commanding a strong position in leisure and business consumer-facing markets, and driving growth from international expansion and inherent brand value,” the broker’s analyst James Hollins said.
Investec’s discounted cash flow-based price target of 415p implies plenty of upside from the current price of around 360p.
dreamcatcher
- 24 Feb 2014 20:24
- 12 of 65
Merlin Entertainment unveils partnership with DreamWorks Animation
Mon, 24 February 2014
Article viewed 83 times
Share on Facebook
Europe's largest visitor attraction operator, Merlin Entertainments, has unveiled a new partnership with DreamWorks Animation to design and build a visitor attraction based on the Shrek franchise.
The attraction, which is one of six that will be rolled-out across a nine-year period, is scheduled to open in London next year.
The attraction, which will be known as 'Shrek's Far Far Away Adventure', is incremental to Merlin's current midway roll-out programme, with the opportunity to accelerate the pipeline in the future.
Merlin's average investment and returns on the project are expected to be similar to the current midway roll out programme.
Nick Varney, Chief Executive of Merlin Entertainments, said: "Developing an attraction based on Shrek and his friends is hugely exciting for Merlin Entertainments and the start of what we hope will be a wider collaboration with DreamWorks Animation. Merlin's expertise in delivering memorable days out for visitors and DreamWorks' skill in developing globally recognised entertainment franchises will be a winning combination.
"Shrek is the biggest animated franchise of all time, and we are delighted that we are going to add Shrek's Far Far Away Adventure to our portfolio of iconic international entertainment brands."
The agreement marks the first time that Merlin has worked with a Hollywood studio to create a scaleable branded entertainment experience based on a globally recognised entertainment franchise.
dreamcatcher
- 27 Feb 2014 07:13
- 13 of 65
dreamcatcher
- 17 May 2014 22:32
- 14 of 65
MIDAS SHARE TIPS UPDATE: Hold on tight…Alton Towers owner can still bring shareholders thrilling profits
By Joanne Hart, Financial Mail On Sunday
Published: 22:01, 17 May 2014 | Updated: 22:01, 17 May 2014
Merlin Entertainments, which owns Madame Tussauds, Alton Towers, Legoland and a host of other attractions, floated last November at 315p. The sellers were also private equity firms, but Midas recommended buying stock and, reassuringly, the shares have since risen by almost 8 per cent to 3391⁄4p.
Last week, the company issued an upbeat trading statement, saying underlying sales rose 12 per cent in the first 18 weeks of 2014. Though this pace of growth is unlikely to continue, City brokers are optimistic about the stock, suggesting the price should rise to at least 400p over the next year.
Upside: Merlin has risen 13 per cent since its debut
The company owns 99 attractions in 22 countries, including America, China and Australia. The recently released Lego film has boosted visits at Legoland parks from Chicago to Tokyo and reasonable weather in Europe so far this year has also boosted Merlin’s sales.
Brokers expect profits to rise from £186 million in 2013 to about £230 million this year and £255 million in 2015. A maiden dividend of 5.85p is forecast for 2014, rising to 6.4p the following year.
Midas verdict: International travel is growing, especially as people from emerging markets become more affluent. Merlin should benefit from this trend.
The company is also expanding, opening its 100th Sea Life earlier this year, adding accommodation to several theme parks and launching new attractions, such as one based on the Shrek films.
Investors who bought in November should hold. New investors could buy on weakness.
Traded on: Main market Ticker: MERL
Chris Carson
- 18 May 2014 19:19
- 15 of 65
On watch list dc, chart doesn't look great at mo.
You mentioned NT, checking his trades, he bought 1888 @ 315 on 08.11.13 Target 390 Stop 310. Site may not yet be updated but so far still open despite his target exceeded. Couldn't be bothered trawling through his posts, he may well have sold or added. Will check his next update due on Wednesday.
dreamcatcher
- 18 May 2014 19:40
- 16 of 65
Cheers Chris, Just like to keep the threads updated for anyone looking in.
dreamcatcher
- 30 Jun 2014 20:04
- 17 of 65
Merlin Entertainment to open Legoland park in Japan
Mon, 30 June 2014
Merlin Entertainment has announced plans to open a Legoland park in Japan under its operated and leased model.
The park will cost around £185m, of which Merlin will invest around £53m over the next three years. The pre-tax cash return on invested capital (ROIC) is expected to be around 20%.
The majority of the capital expenditure is expected to be spent over 2015-17, alongside pre-operating expenses of around £8m.
The earnings before interest, tax, depreciation and amortisation (EBITDA) margin is expected to be in the range of 15-20%, which is lower than the existing Legoland operating group average due to the inclusion of a rental charge.
Chief Executive Officer Nick Varney said: "Today's announcement is another major milestone in the development of the Legoland brand.
"The park will make a significant contribution to the growth of the Merlin group from opening in the second quarter of 2017, as well as supporting our continued geographic diversification.
"Long term, we continue to believe that there is significant opportunity for the Legoland brand, with the potential for up to 20 parks across the world and we remain committed to our target of opening a new park every two to three years."
He added that the group was pleased to be working with third party investors Kirkbi on the project, which has a 75% ownership share in the LEGO Group and a 29.9% stake in Merlin.
The City of Nagoya, where the park will be located, has agreed to support the park by redeveloping the local travel infrastructure, including a 5,000 space multi-storey car park and improved road connectivity.
The share price inched 0.14% higher to 354p in the first few minutes of trade.
dreamcatcher
- 29 Jul 2014 19:45
- 18 of 65
29 Jul Deutsche Bank 430.00 Buy
dreamcatcher
- 31 Jul 2014 07:11
- 19 of 65
HARRYCAT
- 18 Sep 2014 08:33
- 20 of 65
StockMarketWire.com
Merlin Entertainment said profit growth in the 36 weeks to Sept. 6 has been consistent with management's expectations and is expected to result in full-year EBITDA margins similar to last year's levels.
"The business has continued to trade well over the summer, bringing year to date like for like revenue growth to 6.7%. New Business Development (NBD), primarily consisting of Merlin's Midway roll out programme and new accommodation, has lifted total growth at constant currency to 9.3%, the company said.
At actual exchange rates, total growth year to date was 3.8%, due to the strength of sterling against the Group's main trading currencies.
Midway Attractions experienced an improved summer trading performance after a more subdued start to the year.
Whilst the impact of civil unrest in Bangkok continues to drag on performance, this has been more than offset by the strong performances elsewhere. Trading also benefited from high year capex projects opened since the end of June, including the relaunch of SEA LIFE Busan Aquarium and 'Pirate Beach' splash pad at LEGOLAND Discovery Centre Dallas.
LEGOLAND Parks have continued to deliver good revenue growth. However, as expected, the summer period has seen a tapering of the growth rate as the impact of 'The LEGO Movie', and the associated marketing and promotion opportunities, moderate.
Each park has delivered growth despite challenging comparatives, with the two US parks posting the strongest year-on-year performances. The new 'Legends of Chima' themed waterpark at LEGOLAND California has proved popular with guests and all the new accommodation is performing ahead of expectations.
Resort Theme Parks delivered another strong summer season, although year-on-year comparisons were impacted by a very strong performance in the comparative period. The weather in Northern Europe was generally favourable and the new rides and attractions have been well received.
As anticipated, growth was strongest in Heide Park, which benefited from the new 'Flight of the Demons' winged roller coaster. In addition, Alton Towers Resort built on a good prior year performance with the launch of 'CBeebies Land' and Gardaland saw encouraging year-on-year growth supporting the plan for investment for 2015.
dreamcatcher
- 18 Sep 2014 18:13
- 21 of 65
18 Sep Numis 330.00 Hold
dreamcatcher
- 19 Sep 2014 07:19
- 22 of 65
Questor share tip: Sell Merlin before private equity do
Questor thinks investors should sell shares in Merlin Entertainments before private equity try and offload them.
Merlin Entertainments increased group like-for-like revenue by 6.7pc during the third quarter,
Merlin Entertainments increased group like-for-like revenue by 6.7pc during the third quarter,
By John Ficenec, Questor Editor
6:00AM BST 19 Sep 2014
Merlin Entertainments
350.6p+10.1p
Questor says SELL
MERLIN Entertainments [LON:MERL], the owner of Alton Towers and Madame Tussauds, said yesterday that it had enjoyed like-for-like revenue growth of 6.7pc during the third quarter.
Questor still thinks the shares are overpriced from a private equity float looking to cash out at the top of the market.
The entertainments group generates its revenue from three key parts of the business: Midway Attractions, which owns Madame Tussauds, London Dungeon and London Eye, generates 45pc of group revenue, Legoland Parks 29pc, and Resort Theme Parks, such as Alton Towers, Thorpe Park and Warwick Castle, 26pc.
Legoland Parks is a global brand in countries such as America, Germany and Asia, and this means that while 40pc of total group sales are still UK based, 26pc are in Europe, 20pc North America and 14pc Asia Pacific. Also while the majority of revenue, 60pc, is still outdoors and weather dependent, the rest – a meaningful chunk – is now indoors.
The Legoland Parks are growing strongly and reported revenue up 13.8pc in the third quarter ended September 6. However, the largest part of the business, the UK-focused Midway Attractions, reported revenue up 3.2pc, reversing a first-half fall in revenue. Resort Theme Parks increased revenue at a steady 4.2pc during the third quarter, but this slowed from 7.7pc like-for-like revenue growth during the first half.
Merlin Entertainments increased group like-for-like revenue by 6.7pc during the third quarter, a slowdown from 8.1pc like-for-like revenue growth during the first half.
Market consensus is for full-year, pre-tax profits of £233m, on revenue of £1.24bn, giving 16.7p in earnings per share. Questor thinks that Merlin shares at 350p are far too expensive – trading on 21 times forecast earnings, falling to 19 times next year – for a company where revenue growth is slowing.
Questor believes there is another problem hanging over the shares. The sale looks like a classic private equity exit. Private equity firms run funds that typically have a 10-year life span: they invest in assets such as Merlin for five years then sell during a five-year period. Blackstone invested in 2005 and CVC invested in 2010. Since 2010, Blackstone has already reduced its ownership from 52pc, and Questor thinks both private equity owners are not in for the long haul.
The clue is in the name: they own equity in private companies where they have control, while public companies are an unwelcome headache. The private equity groups are now free to sell the shares having been restricted for 180 days after the IPO in November last year.
Looking at the shareholder register, Questor believes private equity groups Blackstone, which owns about 14pc, and CVC, which owns about 8pc through Lancelot Holdings, will be sellers of the shares. Kirkbi is the investment arm run by the family that owns the Lego brand. It owns a 30pc stake and has said it is a long-term investor.
The other thing that concerns Questor is that, in addition to slowing revenue growth, cash generation is falling. Cash generated from operations was down £7m to £140m during the first half ended June 28. Once spending on the parks of £104m and interest payment of £32m are subtracted, the company only generated £4m in free cash.
There is also a rather large pile of debt. Net debt was £977m on June 28, and putting that in perspective it is more than shareholders funds of £960m.
Questor believes this is an overvalued, low growth, private equity exit, that investors should sell.
skinny
- 19 Sep 2014 07:24
- 23 of 65
Deutsche Bank Buy 350.60 350.60 430.00 430.00 Retains
dreamcatcher
- 09 Oct 2014 18:13
- 24 of 65
UPDATE - Merlin extends accesso trial to four US attractions
By Ian Lyall
October 09 2014, 9:27am
Passport will be available at Legoland Florida, in Winter Haven, and three Orlando attractions: Madame Tussauds, Sea Life and Orlando Eye.
Passport will be available at Legoland Florida, in Winter Haven, and three Orlando attractions: Madame Tussauds, Sea Life and Orlando Eye.
---ADDS SHARE PRICE---
accesso Technology Group (LON:ACSO) said theme park giant Merlin Entertainments (LON:MERL) has extended the trial of its Passport ticketing and e-commerce platform to four US venues.
Passport is already being used at Merlin-owned Thorpe Park, in Surrey, and Sea Life in Birmingham.
Now the service, which can be used on smartphones and tablets, will be available at Legoland Florida, in Winter Haven, and three Orlando attractions: Madame Tussauds, Sea Life and Orlando Eye.
Chief executive Tom Burnet said: "We are delighted that Merlin has chosen to place further trust in us and in the potential of the accesso Passport suite of products.
“We all look forward to getting the trial roll-outs underway and to further reinforcing our hard-earned reputation for innovation and customer experience."
At 9.20am, the shares were up 6.1p at 518.6p.
dreamcatcher
- 28 Nov 2014 07:17
- 25 of 65
LEGOLAND Korea
RNS
RNS Number : 2748Y
Merlin Entertainments plc
28 November 2014
Merlin Entertainments plc announces agreement
to open LEGOLAND Korea
- New LEGOLAND theme park to open in Chuncheon, Gangwon Province, South Korea in 2017
- Park to be opened under Merlin's 'operated and leased' model
Merlin Entertainments plc (Merlin) today announces it will open its first LEGOLAND park in South Korea. The country has a well-developed theme park market and is one of the largest Asian markets for LEGO toy sales. The new park adds to Merlin's existing portfolio of six LEGOLAND parks in five countries and is expected to open in 2017, making a full year contribution in 2018.
The project will be financed under an 'operated and leased' model, in a similar structure to LEGOLAND Japan. The total estimated cost of the park is KRW300 billion (c£172m1) of which Merlin will invest approximately KRW100 billion (c£57m1) predominantly in to the branded assets. The remainder of the assets, primarily the park infrastructure, will be funded by a property company owned by a consortium of local public and private investors.
Merlin's investment is expected to deliver returns consistent with the Group's stated EBITDA ROIC target of 20%. The project will incur pre-opening costs of approximately KRW11 billion (c£6.5m1) and the ongoing EBITDA margin is expected to be in the range of 20-25% reflecting a turnover-based rental charge to the property company.
Nick Varney, Merlin Entertainments Chief Executive Officer, commented:
"I am delighted to be able to announce another Asian LEGOLAND Park project. South Korea offers both a developed theme park market and strong LEGO brand recognition. In addition, the city of Chuncheon provides the ideal location, with great transport links and a picturesque island setting.
"The project is being supported at both the national and local levels, with significant contributions from both Gangwon Province and the City of Chuncheon, as well as a group of Korean investors.
"We continue to be excited by the potential opportunity of LEGOLAND parks globally and reiterate our target of opening, on average, a new park every two to three years."
LEGOLAND Korea
The LEGO brand was introduced in to South Korea in 1984 and quickly established itself as one of the country's best loved toy brands. The LEGO brand is a market leader and South Korea has developed to become one of the LEGO Group's largest markets in Asia.
LEGOLAND Korea will be situated upon the island of Jung-do in Chuncheon, located approximately one hour by car from Seoul and within 2 hours' drive time for some 23.7m residents.
As part of the agreement, the National Government, Gangwon Province and Chuncheon City will fund the construction of a bridge to the site and provide wider infrastructure support, in addition to the already excellent transportation network. Further retail and complementary leisure offerings are planned for the island's development.
dreamcatcher
- 02 Dec 2014 07:27
- 26 of 65
Pre-Close Trading Update
RNS
RNS Number : 5460Y
Merlin Entertainments plc
02 December 2014
Merlin Entertainments plc - pre-close trading update
Continued positive trading since the summer
Confident in full year outcome
Ahead of entering its close period on 28 December 2014 Merlin Entertainments (the 'Group') provides an update on its trading performance for the 47 weeks ended 22 November 2014.
The business has traded well since the summer with all three Operating Groups showing continued revenue growth.
Trading in the Midway Attractions Operating Group has remained in line with that previously reported. Whilst the majority of the portfolio has performed well, the two attractions in Bangkok show little sign of improvement and continue to drag on growth. Madame Tussauds Singapore opened on 25 October, completing the 2014 openings schedule, and has enjoyed good initial guest satisfaction.
Trading in the LEGOLAND Parks Operating Group has remained strong across the estate, benefiting from the momentum created by the release of The LEGO Movie earlier in the year.
The Resort Theme Parks Operating Group has seen like for like revenue growth improve in recent months, benefiting from good Halloween offerings and unseasonably warm weather in the UK.
Following the positive recent performance, the Group expects to deliver EBITDA in the range £407m to £411m for 2014.
Nick Varney, Merlin Entertainments Chief Executive Officer, said:
"As we approach the end of our first financial year as a public company, I'm pleased to report continued good trading across the business, reflecting positive underlying trends, favourable weather in the period, and this year's exceptional performance in LEGOLAND Parks.
"The trading in the balance of the year comprises primarily our year-round LEGOLAND Parks in North America and the Midway Attractions Operating Group, including the peak season for our attractions in Australia and New Zealand. Whilst there is still some significant trading to come, we are confident in delivering a strong full year result.
"The performance this year has benefited from a number of one-off factors and whilst we remain positive on the outlook for 2015, our expectations remain unchanged. We continue to focus on our six strategic growth drivers and on delivering new memorable experiences for our visitors."
Merlin will report its 2014 Preliminary results on 26 February 2015.
dreamcatcher
- 02 Dec 2014 18:15
- 27 of 65
Lego Movie lifts Merlin figures but Thailand business slows
By Andrew Neil
December 02 2014, 9:44am
Lego Movie lifts Merlin figures but Thailand business slows
The success of the Lego Movie has kept profits at theme park operator Merlin Entertainments (LON:MERL) on track despite slowing business in Thailand.
The company, which runs six Legoland parks in five countries, said it has seen strong post-summer trading at its resorts thanks to the continuing interest in the animated adventure comedy film.
Last week it announced plans to open its first Legoland Park in South Korea 2017.
Merlin is the second largest tourist attraction operator after Walt Disney and also runs Madame Tussauds and the London Eye.
However, operations in Bangkok have continued to be a “drag on growth.”
The business runs Madame Tussauds and Siam Ocean World in the city and did well out of them last year.
But political unrest in Thailand has lowered visitor numbers.
The firm still expects to report earnings before tax, of between £407mln and £411mln for 2014.
The details will be released on February 26, when Merlin releases its annual results.
Nick Varney, Merlin’s chief executive, said: “The performance this year has benefited from a number of one-off factors and whilst we remain positive on the outlook for 2015, our expectations remain unchanged.”
Shares were trading 9p higher at 380p.
dreamcatcher
- 03 Dec 2014 16:17
- 28 of 65
Avoid Merlin as investors sell
Questor thinks investors should avoid shares in Merlin Entertainments as private equity owners reduce their stake
Merlin Entertainments increased group like-for-like revenue by 6.7pc during the third quarter,
Merlin Entertainments increased group like-for-like revenue by 6.7pc during the third quarter,
By John Ficenec, Questor Editor
6:00AM GMT 03 Dec 2014
Merlin Entertainments
381½p+10.4p
Questor says AVOID
MERLIN Entertainments [LON:MERL], the owner of Alton Towers and Madame Tussauds, hailed a “strong performance” in its first year as a publicly traded company.
However, Questor is concerned that growth levels won’t support a punchy share price valuation as private equity backers sell their stakes.
The FTSE 250-listed leisure group said that a warm summer and The Lego Movie helped increase revenue across the company.
Questor doesn’t think revenue is growing enough; in fact it is showing signs of slowing. The company increased group like-for-like revenue by 6.7pc during the third quarter ended September 6, a slowdown from 8.1pc like-for-like revenue growth in the first half.
Management said it expects to achieve adjusted earnings of about £409m for the full year. Market consensus is for full-year, reported pre-tax profits of £236m, on revenue of £1.24bn, giving 16.8p in earnings per share.
That means Merlin shares at 381½p are trading on 22 times forecast earnings, falling to 20 times next year. That looks expensive for a company increasing revenue by 6.7pc.
The other issue is the former private equity owners reducing their stakes. Blackstone has cut its stake from around 14pc to 9.4pc at the end of October. CVC, which has a holding through Lancelot Holdings, reduced its stake from 8pc to 5.5pc.
The sales haven’t hurt the share price, which is up 7.4pc since the end of October, ahead of the wider market recovery, with the FTSE 250 up 4.6pc.
Kirkbi, the investment arm run by the family that owns the Lego brand, has remained a long-term investor with a constant 30pc stake.
Merlin generates its revenue from three key parts of the business: Midway Attractions, which owns Madame Tussauds, London Dungeon and London Eye, makes up 45pc of group revenue; Legoland Parks generates 29pc; while Resort Theme Parks, such as Alton Towers, Thorpe Park and Warwick Castle, constitutes 26pc.
Legoland Parks is a global brand in countries such as America, Germany and Asia, and this means that while 40pc of total group sales are still UK-based, 26pc are in Europe, 20pc North America and 14pc Asia Pacific. Also, while the majority of revenue, 60pc, is still outdoors and weather dependent, the rest is now indoors.
The Legoland Parks business is growing strongly and reported revenue up 13.8pc in the third quarter ended September 6.
The largest part of the company, the UK-focused Midway Attractions, reported revenue up 3.2pc, reversing a first-half fall in revenue.
Resort Theme Parks increased revenue at a steady 4.2pc during the third quarter, but this slowed from 7.7pc like-for-like revenue growth during the first half.
The other thing that concerns Questor is that, in addition to slowing revenue growth, cash generation is falling. Money made from operations was down £7m to £140m during the first half ended June 28. Once spending on the parks of £104m and interest payments of £32m are subtracted, the company only generated £4m in free cash.
There is also a rather large pile of debt. Net debt was £977m on June 28, more than shareholders’ funds of £960m.
Questor would rather wait for a detailed set of annual results – due out on February 26 – before buying the shares, and until then it remains one to avoid.
cynic
- 03 Dec 2014 16:41
- 29 of 65
i certainly think parents should avoid Legoland ..... extortionate i am told
dreamcatcher
- 03 Dec 2014 16:49
- 30 of 65
Legoland Windsor entry prices.
cynic
- 03 Dec 2014 17:08
- 31 of 65
2 adults + 2 children = £132.20 at the very cheapest rate, and that's before you even start
if you pay at the gate, as many will do, then it's £176.40
where's the value?
dreamcatcher
- 03 Dec 2014 17:17
- 32 of 65
Not far short of Disney entry prices. Dad is going to need another £100 in his pocket, for the can I have from the kids. lol
dreamcatcher
- 03 Dec 2014 22:28
- 33 of 65
3 Dec Barclays... 420.00 Overweight
3 Dec Beaufort... N/A Buy
3 Dec Deutsche Bank 440.00 Buy
3 Dec JP Morgan... 440.00 Overweight
2 Dec Kepler... 385.00 Hold
2 Dec Panmure Gordon 446.00 Buy
1 Dec Beaufort... N/A Buy
dreamcatcher
- 26 Feb 2015 07:14
- 34 of 65
Final Results
////////////////////////////////////////////////////////////////////////////////////////////////
26 Feb Panmure Gordon 446.00 Buy
26 Feb Numis 330.00 Reduce
23 Feb Deutsche Bank 440.00 Buy
23 Feb Nomura N/A Buy
dreamcatcher
- 04 Mar 2015 21:15
- 35 of 65
Sharecast - The recent exit of Blackstone and CVC from their investment in Merlin Entertainments was well-timed and is unsurprising. After a successful flotation and given the shares were at a record high it was to be expected. Hence, the scant reaction in the stock's price.
Were they too well-timed, perhaps? Analysts do expect like-for-like sales to revert from last year's rise of 7.1% to a more normal 4% this year. In parallel, capital expenditures are expected to pick back up. Even so, the company generates a reliable stream of income. Don't expect much immediate outperformance, "but that reliability justifies a long-term buy," says The Times's Tempus.
dreamcatcher
- 10 Mar 2015 16:41
- 36 of 65
Merlin Entertainments: Nomura hikes target to 470p from 420p and reiterates buy.
dreamcatcher
- 17 May 2015 07:55
- 37 of 65
dreamcatcher
- 02 Jun 2015 18:33
- 38 of 65
Company News
Tue, 02 June 2015
Theme park ride crashes at Merlin Entertainments' Alton Towers, four seriously injured
Air ambulances were called to Alton Towers, one of the theme parks owned by Merlin Entertainments, after four people were seriously hurt in collision between two carriages of the 14-loop 'Smiler' ride.
There were 16 people involved in the crash, which happened at around 14:00 on Tuesday on the £18m ride, the world's first rollercoaster to offer 14 loop-the-loops.
The West Midlands Ambulance Service confirmed an air ambulance had assessed all 16 people.
Four people have been seriously injured, Sky News said.
A spokeswoman for the ambulance service: "Ambulance staff and medics are working quickly with resort staff to gain access to the seriously injured."
Alton Towers issued a statement that said: "There has been an incident on the Smiler this afternoon involving two carriages coming together on a low section of the track. One of the carriages was empty and the other had 16 guests in."
skinny
- 03 Jun 2015 06:34
- 39 of 65
cynic
- 03 Jun 2015 13:06
- 40 of 65
i am amazed sp hasn't fallen through the floor
skinny
- 03 Jun 2015 13:12
- 41 of 65
That's just the punters!
HARRYCAT
- 03 Jun 2015 13:23
- 42 of 65
Interesting to note that demand for the ride, when it is put back into service, is expected to increase dramatically. It seems teenagers / twentys are already looking forward to the extra risk factor attached to the ride!
dreamcatcher
- 04 Jun 2015 18:10
- 43 of 65
Naked Trader today -Merlin (LON:MERL) dropped a little on the roller coaster problem but it is only one coaster in one of many parks it has so I don't see it as a long-term worry.
dreamcatcher
- 04 Jun 2015 19:01
- 44 of 65
dreamcatcher
- 19 Jun 2015 15:43
- 45 of 65
Jefferies increased its price target, to 500p from 420p, for Alton Towers owner Merlin Entertainments (LON:MERL) and repeated a ‘buy’ recommendation.
dreamcatcher
- 20 Jun 2015 08:47
- 46 of 65
dreamcatcher
- 24 Jul 2015 18:19
- 47 of 65
Shares - Merlin Entertainments is expected to give guidance on the impact of the recent similar rollercoaster crash at Alton Towers when it reports half-year results on 30 July.
Alton Towers accounts for 5%of total profits . So its five day closure , plus the subsequent closure of rides at Thorpe Park and Chessington, will have a noticeable effect. Analysts at Barclays suggest the crash , the groups first major setback since it floated in Nov 2013, could reduce its full year profit by 2%.
skinny
- 27 Jul 2015 07:26
- 48 of 65
Trading Statement
Merlin Entertainments is today providing an update on current trading and the outlook, reflecting our revised expectations for the Resort Theme Parks Operating Group.
Whilst first half results, which will be published as planned on 30 July 2015, are expected to be in line with analyst estimates, the serious accident at Alton Towers on 2 June has had an adverse impact on trading at the start of the critical summer period and on the Board's expectations for the financial performance of the Group for the full year.
The accident at the Alton Towers Resort resulted in the temporary closure of the park, the suspension of UK theme park marketing and temporary ride closures at two of our other UK theme parks. The combination of these factors has significantly reduced volumes at Alton Towers Resort and, to a lesser extent, the UK Resort Theme Parks estate.
Action is being taken to rebuild momentum and re-engage with our customers. However, based on most recent trading and our assessment of the likely trajectory over the key summer trading period, the 2015 EBITDA for the Resort Theme Parks Operating Group is now expected to be in the range £40 to £50 million (2014: £87 million). The magnitude of the financial impact is the result of both a significant reduction in revenue and the requirement to maintain an appropriate investment in customer service and marketing through peak season.
Although difficult to assess at this stage, we believe that there may be some continued adverse impact on the Resort Theme Parks Operating Group profitability in 2016.
The lower expectations for the Resort Theme Parks Operating Group in 2015 will be partially offset by better than expected financing costs, now expected to be between £40 and £45 million, central cost savings and trading in the wider Group. Therefore, we would expect 2015 underlying profit before tax to be broadly in line with the prior year (2014: £249 million).
We have committed to support those injured as best we can and implemented additional safety protocols to be sure that a similar accident will never happen again.
more....
dreamcatcher
- 27 Jul 2015 08:19
- 49 of 65
Near on 8% fall.
27 Jul Citigroup 475.00 Buy
dreamcatcher
- 30 Jul 2015 18:55
- 50 of 65
dreamcatcher
- 31 Jul 2015 20:00
- 51 of 65
dreamcatcher
- 17 Sep 2015 11:57
- 52 of 65
dreamcatcher
- 21 Oct 2015 21:07
- 53 of 65
Joint Venture with China Media Capital
RNS
RNS Number : 8923C
Merlin Entertainments plc
21 October 2015
21 October 2015
Merlin Entertainments and China Media Capital to set up a joint venture to develop a LEGOLAND Park in Shanghai area and other attractions in China
Highlights
- Merlin Entertainments ('Merlin') and China Media Capital ('CMC') announce the formation of a partnership to explore opportunities to develop visitor attractions throughout China
- As part of the agreement Merlin and CMC plan to develop a LEGOLAND® Park in Shanghai area as well as additional Midway attractions across China; including existing and new brands
- Agreement will be announced in the presence of China's President Xi and the Duke and Duchess of Cambridge during the President's State Visit to the UK
Merlin, a global leader in branded, location based family entertainment, and China Media Capital ('CMC'), a most prestigious name in China's media and entertainment investment and operation, today announce that they are forming a joint venture to create world-class visitor attractions in China and to build on and expand Merlin's existing location-based entertainment expertise and brands.
The partnership will be proudly announced today in the presence of China's President Xi Jinping and the Duke and Duchess of Cambridge, at a high-profile creative event at Lancaster House hosted by UK Trade & Investment (UKTI) as part of the President's State Visit. The event will feature different industries and will be where world-leading companies announce new collaborations in film, TV, entertainment and low-carbon technology in the presence of UK and Chinese dignitaries.
As part of the joint venture, Merlin and CMC plan to develop a LEGOLAND Park in the Shanghai area and target the roll out of various Midway brands throughout China. The new Midway opportunities to be explored by the joint venture will include both the adaption and localisation of existing and proven Merlin brands, such as 'The Dungeons' and selected 'LEGOLAND Discovery Centers' for the Chinese market as well as the development of new Midway brands and concepts including 'DreamWorks Tours - Kung Fu Panda Adventures' and others.
At present Merlin has five attractions in China (Madame Tussauds in Shanghai, Hong Kong, Beijing and Wuhan, and Chang Feng Ocean World aquarium in Shanghai) and has announced plans for three further attractions scheduled to open in the next 18 months - LEGOLAND Discovery Center Shanghai, and a Madame Tussauds and SEA LIFE aquarium in Chongqing.
Nick Varney, Chief Executive of Merlin Entertainments, said: "We are delighted to announce that we are forming a joint venture with CMC and are honoured to be able to make an announcement at such an important event to showcase British creativity and celebrate China and UK collaboration. China is a key growth market for the Group and we see this partnership as providing a significant opportunity to accelerate our plans. We're also very excited to be working with CMC on the development and roll out of new brands. By working together in partnership we will be able to combine our expertise in operating world-class attractions with CMC's insight and expertise in the Chinese market."
CMC is a leading innovator in China's location based entertainment market and creator of China's iconic urban entertainment and recreational complex - DreamCenter in Shanghai. CMC also owns many prominent media and entertainment companies and product brands.
Ruigang Li, Chairman of CMC, said: "It's a great honour to be supported by top leaders of both nations in forging this strategic partnership with Merlin. CMC has a highly diversified portfolio of entertainment content and platform. Through investing and operating across the whole spectrum of the media and entertainment sector, CMC has accumulated unique experience in aligning international know-how with local market needs. Through this partnership with Merlin, a global operator, we will be committed to creating a premium experience as well as establishing a working system in China for the development and operation of location based entertainment attractions that meet international standards."
ENDS
HARRYCAT
- 25 Feb 2016 09:10
- 54 of 65
StockMarketWire.com
Merlin Entertainments has marginally improved its FY pretax profit to GBP250m, from GBP249m. Dividend was 6.5p a share, from 6.2p, while revenue rose to GBP1.28bn, from GBP1.25bn.
Separately, the company confirmed the investment of USD34.4m in Big Bus Tours, the global owner-operator of Hop On Hop Off city tours, and the formation of a strategic partnership allowing further cooperation across many of Merlin's city centre markets.
Referring to the FY results, CEO Nick Varney said:
"Despite a challenging year, the business delivered a robust performance in 2015. We continued to see a strong trading performance in LEGOLAND Parks and a positive contribution from New Business Development, opening seven new Midway attractions and expanding our accommodation offering with the addition of 277 new rooms.
"However, 2015 was a difficult year for Merlin following the accident at Alton Towers early in the summer season. The safety of our guests and employees must always come first and we have sought to learn every possible lesson to help ensure there is no repeat of what happened on 2 June.
"Merlin has a clear strategy, with clear competitive advantages leaving us well positioned in a dynamic marketplace. Today we have announced our New Business Development milestone targets for 2020 including 2,000 new rooms, forty new Midway Attractions and four new LEGOLAND parks.
"Whilst we remain mindful of macro-economic and geo-political factors outside of our control, we remain confident in the strength of the underlying business and the natural diversification that the growing portfolio creates."
dreamcatcher
- 04 Oct 2016 20:01
- 55 of 65
4 Oct
Barclays...
520.00
Overweight
3 Oct
HSBC
530.00
Buy
dreamcatcher
- 26 Apr 2017 20:54
- 56 of 65
Nearing new highs, since the rollercoaster accident.
15:40 26/04/2017
Broker Forecast - Morgan Stanley issues a broker note on Merlin Entertainments PLC
Morgan Stanley today reaffirms its overweight investment rating on Merlin Entertainments PLC (LON:MERL) and raised its price target to 580p (from 560p). Story provided by StockMarketWire.com
dreamcatcher
- 06 May 2017 21:55
- 57 of 65
Ex divi 11 May 4.9 p payed 19 June
dreamcatcher
- 04 Aug 2017 18:32
- 58 of 65
2017 Interim results
Summary
• Group revenue grew by 19.4% (9.6% on a constant currency basis), reflecting a strong contribution from new accommodation and attractions, and continued like for like revenue growth;
• LEGOLAND Parks revenue increased by 34.6% at actual FX rates. On a constant currency basis, revenue grew by 20.8% due to the opening of LEGOLAND Japan, a strong Easter trading period driving 8.0% like for like growth and the positive contribution from new accommodation including the new 'Beach Retreat' in LEGOLAND Florida;
• Midway Attractions delivered 11.3% revenue growth or 2.3% on a constant currency basis. The opening of new Midway attractions offset a decline in like for like revenue of 0.4%, which reflected a more subdued London market as well as the expected phasing of growth;
• Resort Theme Parks revenue grew by 12.7%. Revenue growth of 7.7% at constant currency was driven by a 6.2% growth in like for like revenue, due to a strong Easter and a soft comparative period;
• Profit before tax was stable in part due to a number of adverse timing effects which will normalise in the second half of 2017;
• Good progress towards the 2020 strategic milestones:
- Five new Midway attractions opened in the period, including our new brand 'Little BIG City' in Berlin;
- 381 new accommodation rooms opened to date across four of our theme parks (including 305 during the period);
- LEGOLAND Japan opened on 1 April 2017, ahead of schedule and on budget.
Claret Dragon
- 17 Oct 2017 09:41
- 59 of 65
What's caused this drop?
HARRYCAT
- 17 Oct 2017 09:45
- 60 of 65
StockMarketWire.com
Merlin Entertainments said like-for-like revenue growth slipped to 0.3% in the third quarter after terror attacks and wet weather kept customers away from its theme-park attractions.
Total revenue grew 12.4%, boosted by favourable currency movements and the opening of new facilities abroad, such as Legoland Japan.
Merlin said trading in recent weeks has remained "mixed". It forecast like-for-like revenue growth for 2017 to be flat on 2016.
"Reflecting this, and careful management of the cost base, 2017 EBITDA is expected to be in the range of £470 to £480 million," the company said.
As for the 2018 financial year, the company was similarly cautious.
"Whilst it is too early to predict the outlook for 2018, it is likely that the recent trends experienced in London will persist for the foreseeable future," it said.
cynic
- 17 Oct 2017 09:51
- 61 of 65
it was an obvious short which i failed to latch on to, though i knew their figureswere due
Claret Dragon
- 17 Oct 2017 22:39
- 62 of 65
Obvious buy now?
HARRYCAT
- 18 Oct 2017 10:18
- 63 of 65
Might be worth waiting for the dust to settle CD.
Barclays Capital today reaffirms its overweight investment rating on Merlin Entertainments PLC (LON:MERL) and set its price target at 480p.
Credit Suisse today upgrades its investment rating on Merlin Entertainments PLC (LON:MERL) to outperform (from neutral) and cut its price target to 440p (from 500p).
cynic
- 18 Oct 2017 10:52
- 64 of 65
my gut reaction was AVOID
however, the 5 year chart below is an interesting view
HARRYCAT
- 20 Oct 2017 12:48
- 65 of 65
Goldman Sachs today reaffirms its neutral investment rating on Merlin Entertainments PLC (LON:MERL) and cut its price target to 400p (from 470p).