Arenaturist d.d.

  • TickerARNT-R-A
  • ISINHRARNTRA0004
  • ExchangeZagreb Stock Exchange
  • SectorTravel & Leisure
  • CountryCroatia
Research Team
  • Research Team
YNDX Yandex N.V. Cl ... (Oil & Gas)
GEKTERNA GEK TERNA (Construction & Materials) ... (+10)

WOOD Daily: PL banks, RO politics, YNDX US, MOEX RX, GPW PW, PKN PW, M...

HEADLINES: • Polish banks: no ruling on FX mortgages from the full civic chamber of the Supreme Court • Romania politics: PM dismisses the Justice Minister, losing the support of its coalition partner • Yandex: to launch driverless taxis this year POSITIVE • Moscow Exchange: August trading volumes a mixed bag • Warsaw Stock Exchange: 2Q21 preliminary EBITDA 6% above consensus; weak August stocks trading POSITIVE • Warsaw Stock Exchange: quarterly index review - Huuuge Games replaces Stalprodukt in the mWIG40 NEUTRAL • PKN Orlen: launches plastics recycling feasibility study • MONETA Money...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q2 shows improvement on all lines

Reopening of economies from June has positively affected the operations of Arena, so Q2 results show improvement on all lines. But due to dismal Q1 imposed by lockdowns of the economies due to pandemic that lasted until June, has resulted in drop of accommodation revenue of Arena in H1 of 28% to HRK 42.7m. In Q2 of 2021, Croatian tourism observed an increase in arrivals by as much as 117% and an increase in tourist nights by 83%, as Q2 2020 was quite subdued due to travel restrictions caused ...

Bram Buring ... (+4)
  • Bram Buring
  • CFA
  • Alex Boulougouris
  • CFA
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: A promising start to the season (downgraded t...

We have downgraded Arena Hospitality Group (Arena) to HOLD (from Buy), following the stock’s strong post-COVID-19 recovery, with a new price target (PT) of HRK 361/share. The indications are that Arena will have a good, albeit still transitional, summer, with more last-minute guests and a longer season, as the vaccination drives continue across the continent. Tourists are making ad hoc decisions, reflected in the lower bookings overall, but management is confident enough in the demand thus far to make all its Croatian inventory available for the summer peak. Our two-pronged investment case has...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q1 21 – Challenging quarter as expected

In Q1 21, Croatian tourism observed a decrease in arrivals by as much as 44.7% and a decrease in tourist nights by 39.2%, as a result of the ongoing Covid-19 situation. Such a market condition affected the operations of Arena, which noted a sharp decrease in accommodation revenue of 87% to HRK 5.2m. We note that the drop could be attributed to the fact that the Group operated "normally" for the majority of Q1 2020 (prior to the outbreak of the pandemic). However, as Q1 does not play a signifi...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Operating profitability in line, pick-up in i...

2020 results are mostly in line with our estimates, including the assumptions on the decision not to pay a dividend, while the Group has accelerated the pace of investing. The Group stated that they expect the market to make a phased recovery, and that their strategy to invest into high-quality assets continues. In 2020 the Group has secured the acquisition of Hotel 88 Rooms in Belgrade for a consideration of HRK 44.9m and continued to expand the business through CEE, while growing in the ups...

Research Team
  • Research Team
YNDX Yandex N.V. Cl ... (Oil & Gas)
GEKTERNA GEK TERNA (Construction & Materials) ... (+10)

WOOD Daily: PL banks, RO politics, YNDX US, MOEX RX, GPW PW, PKN PW, M...

HEADLINES: • Polish banks: no ruling on FX mortgages from the full civic chamber of the Supreme Court • Romania politics: PM dismisses the Justice Minister, losing the support of its coalition partner • Yandex: to launch driverless taxis this year POSITIVE • Moscow Exchange: August trading volumes a mixed bag • Warsaw Stock Exchange: 2Q21 preliminary EBITDA 6% above consensus; weak August stocks trading POSITIVE • Warsaw Stock Exchange: quarterly index review - Huuuge Games replaces Stalprodukt in the mWIG40 NEUTRAL • PKN Orlen: launches plastics recycling feasibility study • MONETA Money...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q2 shows improvement on all lines

Reopening of economies from June has positively affected the operations of Arena, so Q2 results show improvement on all lines. But due to dismal Q1 imposed by lockdowns of the economies due to pandemic that lasted until June, has resulted in drop of accommodation revenue of Arena in H1 of 28% to HRK 42.7m. In Q2 of 2021, Croatian tourism observed an increase in arrivals by as much as 117% and an increase in tourist nights by 83%, as Q2 2020 was quite subdued due to travel restrictions caused ...

Bram Buring ... (+4)
  • Bram Buring
  • CFA
  • Alex Boulougouris
  • CFA
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: A promising start to the season (downgraded t...

We have downgraded Arena Hospitality Group (Arena) to HOLD (from Buy), following the stock’s strong post-COVID-19 recovery, with a new price target (PT) of HRK 361/share. The indications are that Arena will have a good, albeit still transitional, summer, with more last-minute guests and a longer season, as the vaccination drives continue across the continent. Tourists are making ad hoc decisions, reflected in the lower bookings overall, but management is confident enough in the demand thus far to make all its Croatian inventory available for the summer peak. Our two-pronged investment case has...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q1 21 – Challenging quarter as expected

In Q1 21, Croatian tourism observed a decrease in arrivals by as much as 44.7% and a decrease in tourist nights by 39.2%, as a result of the ongoing Covid-19 situation. Such a market condition affected the operations of Arena, which noted a sharp decrease in accommodation revenue of 87% to HRK 5.2m. We note that the drop could be attributed to the fact that the Group operated "normally" for the majority of Q1 2020 (prior to the outbreak of the pandemic). However, as Q1 does not play a signifi...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Operating profitability in line, pick-up in i...

2020 results are mostly in line with our estimates, including the assumptions on the decision not to pay a dividend, while the Group has accelerated the pace of investing. The Group stated that they expect the market to make a phased recovery, and that their strategy to invest into high-quality assets continues. In 2020 the Group has secured the acquisition of Hotel 88 Rooms in Belgrade for a consideration of HRK 44.9m and continued to expand the business through CEE, while growing in the ups...

Research Team
  • Research Team
YNDX Yandex N.V. Cl ... (Oil & Gas)
GEKTERNA GEK TERNA (Construction & Materials) ... (+10)

WOOD Daily: PL banks, RO politics, YNDX US, MOEX RX, GPW PW, PKN PW, M...

HEADLINES: • Polish banks: no ruling on FX mortgages from the full civic chamber of the Supreme Court • Romania politics: PM dismisses the Justice Minister, losing the support of its coalition partner • Yandex: to launch driverless taxis this year POSITIVE • Moscow Exchange: August trading volumes a mixed bag • Warsaw Stock Exchange: 2Q21 preliminary EBITDA 6% above consensus; weak August stocks trading POSITIVE • Warsaw Stock Exchange: quarterly index review - Huuuge Games replaces Stalprodukt in the mWIG40 NEUTRAL • PKN Orlen: launches plastics recycling feasibility study • MONETA Money...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q2 shows improvement on all lines

Reopening of economies from June has positively affected the operations of Arena, so Q2 results show improvement on all lines. But due to dismal Q1 imposed by lockdowns of the economies due to pandemic that lasted until June, has resulted in drop of accommodation revenue of Arena in H1 of 28% to HRK 42.7m. In Q2 of 2021, Croatian tourism observed an increase in arrivals by as much as 117% and an increase in tourist nights by 83%, as Q2 2020 was quite subdued due to travel restrictions caused ...

Bram Buring ... (+4)
  • Bram Buring
  • CFA
  • Alex Boulougouris
  • CFA
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: A promising start to the season (downgraded t...

We have downgraded Arena Hospitality Group (Arena) to HOLD (from Buy), following the stock’s strong post-COVID-19 recovery, with a new price target (PT) of HRK 361/share. The indications are that Arena will have a good, albeit still transitional, summer, with more last-minute guests and a longer season, as the vaccination drives continue across the continent. Tourists are making ad hoc decisions, reflected in the lower bookings overall, but management is confident enough in the demand thus far to make all its Croatian inventory available for the summer peak. Our two-pronged investment case has...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q1 21 – Challenging quarter as expected

In Q1 21, Croatian tourism observed a decrease in arrivals by as much as 44.7% and a decrease in tourist nights by 39.2%, as a result of the ongoing Covid-19 situation. Such a market condition affected the operations of Arena, which noted a sharp decrease in accommodation revenue of 87% to HRK 5.2m. We note that the drop could be attributed to the fact that the Group operated "normally" for the majority of Q1 2020 (prior to the outbreak of the pandemic). However, as Q1 does not play a signifi...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Operating profitability in line, pick-up in i...

2020 results are mostly in line with our estimates, including the assumptions on the decision not to pay a dividend, while the Group has accelerated the pace of investing. The Group stated that they expect the market to make a phased recovery, and that their strategy to invest into high-quality assets continues. In 2020 the Group has secured the acquisition of Hotel 88 Rooms in Belgrade for a consideration of HRK 44.9m and continued to expand the business through CEE, while growing in the ups...

Research Team
  • Research Team
YNDX Yandex N.V. Cl ... (Oil & Gas)
GEKTERNA GEK TERNA (Construction & Materials) ... (+10)

WOOD Daily: PL banks, RO politics, YNDX US, MOEX RX, GPW PW, PKN PW, M...

HEADLINES: • Polish banks: no ruling on FX mortgages from the full civic chamber of the Supreme Court • Romania politics: PM dismisses the Justice Minister, losing the support of its coalition partner • Yandex: to launch driverless taxis this year POSITIVE • Moscow Exchange: August trading volumes a mixed bag • Warsaw Stock Exchange: 2Q21 preliminary EBITDA 6% above consensus; weak August stocks trading POSITIVE • Warsaw Stock Exchange: quarterly index review - Huuuge Games replaces Stalprodukt in the mWIG40 NEUTRAL • PKN Orlen: launches plastics recycling feasibility study • MONETA Money...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q2 shows improvement on all lines

Reopening of economies from June has positively affected the operations of Arena, so Q2 results show improvement on all lines. But due to dismal Q1 imposed by lockdowns of the economies due to pandemic that lasted until June, has resulted in drop of accommodation revenue of Arena in H1 of 28% to HRK 42.7m. In Q2 of 2021, Croatian tourism observed an increase in arrivals by as much as 117% and an increase in tourist nights by 83%, as Q2 2020 was quite subdued due to travel restrictions caused ...

Bram Buring ... (+4)
  • Bram Buring
  • CFA
  • Alex Boulougouris
  • CFA
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: A promising start to the season (downgraded t...

We have downgraded Arena Hospitality Group (Arena) to HOLD (from Buy), following the stock’s strong post-COVID-19 recovery, with a new price target (PT) of HRK 361/share. The indications are that Arena will have a good, albeit still transitional, summer, with more last-minute guests and a longer season, as the vaccination drives continue across the continent. Tourists are making ad hoc decisions, reflected in the lower bookings overall, but management is confident enough in the demand thus far to make all its Croatian inventory available for the summer peak. Our two-pronged investment case has...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Q1 21 – Challenging quarter as expected

In Q1 21, Croatian tourism observed a decrease in arrivals by as much as 44.7% and a decrease in tourist nights by 39.2%, as a result of the ongoing Covid-19 situation. Such a market condition affected the operations of Arena, which noted a sharp decrease in accommodation revenue of 87% to HRK 5.2m. We note that the drop could be attributed to the fact that the Group operated "normally" for the majority of Q1 2020 (prior to the outbreak of the pandemic). However, as Q1 does not play a signifi...

Tea Pevec
  • Tea Pevec
ARNT-R-A Arenaturist d.d... (Travel & Leisure)

Arena Hospitality Group: Operating profitability in line, pick-up in i...

2020 results are mostly in line with our estimates, including the assumptions on the decision not to pay a dividend, while the Group has accelerated the pace of investing. The Group stated that they expect the market to make a phased recovery, and that their strategy to invest into high-quality assets continues. In 2020 the Group has secured the acquisition of Hotel 88 Rooms in Belgrade for a consideration of HRK 44.9m and continued to expand the business through CEE, while growing in the ups...

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