Scandic Hotels (Hold, TP: SEK26.00) - Waiting for the dust to settle
With occupancy forecasts for early 2021 heading lower, landlord lease negotiations take centre stage, with concessions already indicated adding to Scandic’s financial headroom. We reiterate our HOLD and SEK26 target price, awaiting clarity on the legal implications of the landlord talks and their potential impact on Scandic’s footprint. We believe it can weather the turmoil and has the potential to become a true Covid-19 recovery case, though from a 2023e perspective.
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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