Intercontinental Hotels : Start of normalisation at last; Outperform; target price lifted to 5,900p
>Marked recovery in Q4, driven by the Americas zone - FY 2021 results are good, in line with expectations on revenues but higher on EBIT. They confirm the very positive views of US asset-light peers (notably Marriott and Hilton). Business trends improved in all geographic regions in Q4, but especially in the Americas (which accounted for 90% of EBIT in 2021), which continues to outperform with RevPAR lagging 2019 levels by just 7% and pricing power intact (+1% on ADR)...InterContinental Hotels Group is a hotel companies. Co.'s hotel brands are InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hualuxe Hotels & Resorts, Hotel Indigo, EVEN Hotels, Crowne Plaza Hotels & Resorts, Holiday Inn, Holiday Inn Express, Staybridge Suites, Holiday Inn Club Vacations, Holiday Inn Resorts, Candlewood Suites, and Avid Hotels. As of Mar 2 2017, Co.'s had total hotels of 5,348 with 4,433 franchised, 907 managed, eight owned and leased hotels, and 1,655 total hotels in the pipeline.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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