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Opening Quote: Whitbread: wake up and smell not much more coffee

Summary:
Whitbread: wake up and smell not much more coffee. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Is Whitbread, owner of Costa Coffee and Premier Inns, worth more than the sum of its parts? Analysts’ views seem to depend on their most likely caffeine delivery method.According to the Americano-chugging Americanos at Citi, the answer is no. In fact, they don’t seem to think a £2.20 Costa Americano is worth the sum of its parts. Last month, they “debunked the coffee growth myth”, warned that expansion would grind to a halt for Costa, Caffe Nero and Starbucks, and double downgraded Whitbread from “buy” to “sell”. They may have a point: £2.20 for “espresso, lengthened with hot water… straight up or add a

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Whitbread: wake up and smell not much more coffee. FT Opening Quote, with commentary...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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