NH Hotel Group: robust turnaround. Buy reiterated. (Bankinter Securities)
A very thorough investors’ day.
NH Hotel group (NHH) management provided an update on its turnaround strategy. To that effect, more info was given on pricing, portfolio management, marketing and even human resources.
Management sets ambitious targets.
Management increased its 2017e EBITDA target from €225mn to €230mn, and stated that for 2019e it expects that its recurrent net profit would hit €100mn (before the investors’ day market consensus was at €79mn). Even though most efficiencies have already been delivered, management is targeting an additional €18mn in cost savings (c. 8% of its 2017e EBITDA goal).
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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