Scandic Hotels (Buy, TP: SEK118.00) - Re-establishing its credentials
With recent Nordic hotel market RevPAR trends looking much more favourable for the market leader, Restel starting to contribute and a seasonal boost from the Easter effect, we expect Scandic Hotels to increase adj. EBITDA by 34% in Q2. We see strong value drivers in the Restel integration and the room portfolio expansion, and reiterate our BUY and target price of SEK118 ahead of the Q2 results due at 7:30 CET on 20 July.
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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