From Breakingviews: FirstGroup’s plans to sell the iconic Greyhound buses hit a pothole and Haidilao’s results give a warning of how tepid the recovery will be for restaurants everywhere. Catch up with the latest financial insights
BREAKUP BREAKDOWN. FirstGroup’s plans to flog its iconic U.S. Greyhound and yellow school buses have hit a coronavirus-shaped pothole. The UK transport operator’s shares fell more than 15% on Wednesday after it flagged concerns about its future given the plunge in passenger numbers and the uncertainty over lockdowns. Before the crisis, activists like Coast Capital Management were pushing for disposals to unlock value. Good luck with that.
Take school buses. A year ago, Breakingviews reckoned the outfit might be worth more than 2.5 billion pounds, based on its 352 million pounds of EBITDA. But, with North American schools closed, its buses have literally no customers. Similarly, Greyhound passengers are down 70% and unlikely to return to pre-crisis levels for two years. That mean potential buyers will drive a hard bargain. With 3.
COLD SOUP. Haidilao has served up a grim warning of what’s to come for investors in sit-down restaurant chains. The $25 billion Chinese hotpot purveyor let down analysts with a profit warning on Tuesday, forecasting a net loss of roughly 900 million yuan to 1 billion yuan for the first six months of 2020. That compares to a 911 million yuan profit for the same period last year.
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