Scandic Hotels (Buy, TP: SEK125.00) - Seasonally weak Q2 but no drama
Recent Nordic hotel market RevPAR trends still look favourable for market leader Scandic Hotels, with Q2 a seasonally less important quarter YOY, due to the timing of Easter, and our forecast suggesting a 17% decrease in adj. EBITDA YOY. We see strong value drivers in the Restel integration and room portfolio expansion, and reiterate our BUY and target price of SEK125. The Q2 results are due at 07:30 CET on 19 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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