Jefferies Comments On OEH 4Q Results

Orient-Express Hotels Ltd. OEH results were generally above expectations although we highlight continued pressure on rates in Europe and North America, Jefferies reports. “The limited visibility on the 2011 outlook, particularly for leisure travel, supports our conservative view on the shares in the near term, given the premium multiple,” Jefferies writes. “On 2/24 after the close, OEH reported 4Q10 results, with adjusted EPS of ($0.17) vs. our estimate of ($0.03) and consensus of ($0.08). OEH reported 4Q10 adjusted EBITDA before real estate of $16.2M, vs. our estimate of $14.0M on the same basis and consensus of $14.6M.” Orient-Express Hotels Ltd. closed Thursday at $9.14.