• Merlin Entertainment provides industry-leading capex execution that supports a robust long-term growth plan.
  • The 5 pillars of growth including Legoland, Midway, and Accommodation continue to perform in-line with expectations indicating a moderate and continued recovery moving forward.
  • Current intrinsic levels of cash generation remain impressive and often underappreciated by the wider investment community.
  • Long-term global outlooks and the associated fundamentals suggest a highly favorable long-term upside that current market valuations have (in the author’s opinion) overlooked.


Listed on the LSE, Merlin Entertainment (OTCPK:MIINF) is in the hospitality, travel, and tourism industry with enhanced expertise in the visitor attractions sub-sector that provides the mainstay of the group’s activities. Operating globally, Merlin is exposed to an international market with 69% of revenues generated outside the United Kingdom. The business is currently segmented by a prop-co for real estate and an op-co for operational management of the portfolios attractions. The Merlin group is famous for its Legoland resorts, Madame Tussauds and Alton Towers theme parks. By most measures, it is the second largest leisure group globally, behind front runner Disney.


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