Scandic Hotels (Buy, TP: SEK125.00) - Strong summer leisure market
The strong Nordic RevPAR trend during the summer should have favoured the market leader, with Q3 also being Restel’s seasonally strongest period, and we expect Scandic Hotels’ adj. EBITDA up by 21% in Q3. We see strong value drivers in the Restel integration and the room portfolio expansion, and reiterate our BUY and target price of SEK125 ahead of the Q3 results (due at 7:30 CET on 25 October).
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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