NHH: A new era (Bankinter Securities)
Target price updated to €6.37. Buy maintained but low liquidity is a challenge.
With this environment in mind, we have change our 2019e – 2020e estimates to paint a record 2019e and then a flattish 2020e. With these new numbers we update our target price to €6.37 / share (from €6.3). That gives us an upside potential of 39.4%. Now the caveat is the limited liquidity of the stock (free float of 6%). We prefer not to apply a liquidity discount to our valuation, but we reckon investors would remain on the sidelines until they are assured that NHH would be a liquid stock again.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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