Radisson Hospitality (Hold, TP: SEK35.00) - Transactional cap
HNA announced in Q3 it had agreed to sell its majority holding in Radisson Hospitality to Jin Jiang, and we await an update with the quarterly results (due before market open on 25 October). We view an increased free float as unlikely at this stage, but believe such a move could provide a re-rating catalyst. While we see high potential on a normalised valuation we have downgraded the stock to HOLD (BUY) but edged up our target price to SEK35 (34).Rezidor Hotel Group is an international hospitality company managing hotels, brands and assets owned by third parties. Co. operates two main brands, Radisson Blu and Park Inn by Radisson, as well as two more brands, Radisson Red and the Quorvus Collection targeting the luxury segment. All brands are developed and licensed by Co. in Europe, the Middle East and Africa under Master Franchise Agreements with Carlson, a privately held hospitality and travel company. As of Dec 31 2013, Co.'s existing portfolio consisted of 429 hotels with 94,800 rooms in operation and under development in 69 countries across Europe, the Middle East and Africa.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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