PARQUES REUNIDOS: a softer 4Q prompts our downward revision (Bankinter Securities)
Recent weakness is based on a softer environment.
Since the beginning of September Parques Reunidos stock price has decreased by –11.5%, while the Madrid Stock Exchange has stayed flattish (–0.5%). We think this performance is based on a softer environment in 4Q17 (Parques Reunidos closes its fiscal year in September) due to more rainy days in Spain and North America (64% of annual revenues), which weakened attendance or even forced earlier closures of summer events. We expect management to give more details in a trading update on Thursday October 5th.
Parques Reunidos S.A.. Parques Reunidos Servicios Centrales SA is a Spain-based company primarily engaged in the operation of leisure parks. The Company holds over 60 parks located in European countries, such as Spain, Belgium, Norway, Denmark, France, Italy and the United Kingdom, as well as in the Americas, including the United States and Argentina, in Asia and in the Middle East. Its assets portfolio comprises: Amusement and theme parks, Marine life parks, Water parks, Zoo Parks, as well as Cable Cars. The Company operates under Marineland, Bo Sommarland, Faunia, Aqualud, Miami Seaquarium, Warner, Grant Leisure, Hawaii, Movie Park, Palac Group (FECs) and Dutch Wonderland brand names, among others.
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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