Scandic Hotels (Buy, TP: SEK125.00) - Seasonally weak Q1e but no drama
Q1 is the company’s seasonally smallest quarter, although this year benefitting from a positive YOY Easter effect. Nordic hotel market statistics remain supportive, with Scandic Hotels’ market-leading footprint benefiting from good demand growth in all markets with the market supply additions in Oslo and Copenhagen at least so far well balanced. We have only tweaked our underlying 2019–2021 forecasts, despite IFRS16 having a huge impact on the reported numbers. We reiterate our BUY and SEK125 target price.
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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