Hints and tips:
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...The V-shaped recovery in consumer spending feels too bullish in our view....
...non-contracted commercial and c.10% product sales....
...We believe the group’s specialist focus leaves it well-positioned to manage disruptions and rebase for FY21 once sites reopen....
International Edition