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Leo Carrington

Stock Analyst at Citi

Leo Carrington is a Stock Analyst at Citigroup, specializing in the Consumer Discretionary and Industrials sectors with particular expertise in lodging and specialty business services. He has covered prominent companies such as InterContinental Hotels Group and Cintas, regularly issuing ratings and price targets, and holds a performance record with a 50% success rate and an average return of 10.34% from six published ratings. Carrington is listed as an analyst on major UK and EMEA coverage lists and has been active with Citi at least since early 2024. Although detailed information on his securities licenses or FINRA registrations is not publicly available, he is a notable research figure within Citi's London-based analyst team.

Leo Carrington's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership

Leo Carrington's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership • H1 2025

Question

Leo Carrington from Citigroup Inc. asked about the performance of other booking channels given the 2% improvement in direct digital bookings and inquired about the regional drivers of the 9% growth in newbuild signings, particularly outside of China.

Answer

CEO Elie Maalouf stated that digital booking growth is gaining share from other channels, including voice, but not from third-party travel agencies, with whom IHG has a constructive relationship. CFO Michael Glover provided a regional breakdown of newbuild signings: they constituted 51% of signings in EMEAA (up 45%), 67% in Greater China (up 4%), and only 3% in the Americas, demonstrating that growth is occurring outside of China, especially in EMEAA.

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Leo Carrington's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership • H1 2025

Question

Leo Carrington of Citigroup Inc. asked about the performance of other booking channels as direct digital bookings increased and inquired about the regional drivers of the 9% growth in newbuild signings, particularly developer sentiment outside of China.

Answer

CEO Elie Maalouf stated that the growth in digital bookings is primarily taking share from channels like voice, not third-party channels, with which IHG maintains a constructive relationship. CFO Michael Glover provided a regional breakdown of newbuild signings: they constituted 51% of signings in EMEAA (up 45%), 67% in Greater China (up 4%), and only 3% in the Americas. He noted that IHG has a strong mix of brands to capture both newbuild and conversion opportunities across all regions.

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Leo Carrington's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership • H1 2025

Question

Leo Carrington of Citi asked about the drivers behind the 2-percentage-point increase in direct digital bookings, which channels were losing share, and for a regional breakdown of the 9% growth in new-build signings.

Answer

CEO Elie Maalouf clarified that the growth in direct digital bookings primarily took share from the voice channel, not third-party channels, reflecting a natural shift in consumer behavior. CFO Michael Glover provided a regional breakdown for new-build signings in the half: Americas at 3%, EMEAA at 51% (up 45% YoY), and Greater China at 67% (up 4% YoY), demonstrating a strong mix across the portfolio.

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Leo Carrington's questions to Aramark (ARMK) leadership

Leo Carrington's questions to Aramark (ARMK) leadership • Q3 2025

Question

Leo Carrington of Citi questioned the equity investment in the Las Vegas A's franchise, its impact on contract terms, and whether M&A, like the NTA Catering deal, is an increasing focus for capital allocation.

Answer

CEO John Zillmer confirmed a small, opportunistic equity stake in the A's, stating it's not standard practice and doesn't tie to the contract. CFO Jim Tarangelo and Zillmer clarified that M&A remains a secondary, bolt-on strategy, with organic growth being the primary focus.

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Leo Carrington's questions to Aramark (ARMK) leadership • Q2 2025

Question

Leo Carrington asked about the profit contribution from the Avendra GPO business and sought more specific guidance on the organic growth trajectory for Q3 and Q4, excluding any one-off effects.

Answer

CFO Jim Tarangelo reiterated that Avendra has very attractive margins, north of 55-60%, and is a significant driver of the company's overall margin improvement, but its specific profit is not disclosed for competitive reasons. While declining to give specific quarterly guidance, he pointed to the 6% growth in April and reiterated that the Q4 exit rate would be strong, exceeding the multiyear target range of 5-8%.

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Leo Carrington's questions to CINTAS (CTAS) leadership

Leo Carrington's questions to CINTAS (CTAS) leadership • Q3 2025

Question

Leo Carrington asked about the landscape for other large M&A targets in North America following the terminated UniFirst discussions and whether the company's focus is solely on tuck-ins or includes other services or geographies.

Answer

President and CEO Todd Schneider affirmed that Cintas's strategic focus remains on North America, where it sees a vast and fragmented market with a long runway for growth. He stated there is no current need to expand internationally and that the company is focused on acquiring well-run businesses with great customers and employees within its existing geographic footprint.

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