Scandic Hotels (Hold, TP: SEK26.00) - Uncertain landlord discussions
Scandic Hotels Q3 was better than feared, but renewed lockdowns suggest a slower recovery. Landlord discussions about lease terms are a natural step, but have uncertain outcomes given their legal implications; thus, we reiterate our HOLD with a SEK26 (34) target price, awaiting clarity. We still see Scandic Hotels having the financial headroom to weather the turmoil with the potential to become a true Covid-19 recovery case, something requiring a 2023 perspective, though.
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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