MELIA HOTELS: Quite encouraging after a brief halt | BUY | EUR9(+27%)
MELIA HOTELS - BUY | EUR9(+27%)Quite encouraging after a brief halt
Despite the impact of the Omicron variant in December, we understand that the first two months of the quarter were quite strong, with the beginning of an improvement in leisure destinations. As such, FY results should be pretty much in line with expectations with EBITDA excluding capital gains of around EUR40m enabling a stabilisation in the financial situation.
While the start of the current FY has also been affected by health restrictions, the group confirmed a rapid recovery in bookings for leisure destinations in February, especially from the UK for the summer season and Germany for the Easter holidays, with RevPAR up on 2019, driven by prices. This is encouraging news that allows us to confirm our earnings forecasts for the current financial year.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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