Scandic Hotels (No_rec, TP: SEK) - Adjusting to new reality
The Q1 results were in line with the updated guidance, with focus already on the ongoing refinancing in Q2 giving a liquidity headroom towards end-2021e even in a its pessimistic recovery scenario. Key shareholder support and its own efficiency measures suggest Scandic Hotels should emerge from the Covid-19 crisis in a position of relative strength. Owing to DNB Markets’ role in the rights issue, we have no recommendation, target price, or estimates.
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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