Minor International

Minor International Plc (MINT) 
 

Higher occupancy rates, strong contribution from mixed-use property and solid growth in its food business underpin a near 30% EPS CAGR for MINT over the next three years. MINT’s prospects are very promising. Given the strong recovery in the hotel sector, we raise our earnings forecasts and believe MINT deserves to be re-rated. We therefore re-peg our target price at one SD below its historical average P/E, i.e. 17x, up from 2SD below or 13x previously. Our Outperform call is kept.