Scandic Hotels (Hold, TP: SEK31.00) - Positive, but low margin for error
Scandic Hotels’ Q4 was weak (in line with expectations), with its high cash burn seen decreasing as occupancy recovers during H1e. We still believe Scandic has headroom in its financial resources as it is in discussions to strengthen them further with its larger shareholders. We see lower risk in this than the now-successfully completed landlord discussions, with our 2021–2023 recovery scenario broadly intact. We retain our HOLD with a raised SEK31 (26) 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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