Scandic Hotels (Buy, TP: SEK125.00) - New CEO to improve momentum
The Q4 results were in line with the pre-announcement, with Q1 guidance of 4% organic growth matching our expectation for the seasonally quietest quarter. The new CEO indicated his ambition to improve momentum; however, we have made only minor changes to our underlying forecasts for 2019–2021, despite IFRS16 having a huge impact on reported numbers. We reiterate our BUY and have raised our target price to SEK125 (SEK110); we believe Restel and room portfolio expansion are the key value drivers for 2019–2022e.
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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