Scandic Hotels (Buy, TP: SEK135.00) - Pipeline adj EBITDA margin >17%
Scandic Hotels’ CMD supported our view that its room portfolio pipeline is the main value driver for the forecast period, with added opportunities in portfolio management (focus on low-performing hotels) and new growth initiatives (Scandic Go launch). Scandic’s opting to report IFRS16 adjusted will highlight the business quality and we have updated our forecasts accordingly. We reiterate our BUY and SEK135 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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