Melia : A Q4 in line, we anticipate an upturn in bookings over the summer. Neutral (vs Outperform)
>Full-year results broadly in line with our estimates - Melia’s full-year results were broadly in line with expectations. Activity in Q4 was weak with revenues of € 98m, down 76% y-o-y (-79% in Q3) and RevPAR down 71%, which are more deteriorated than those in Q3 at -63%, this corresponds to the summer season in Europe. However, Q4 weighs little on the annual performance due to seasonality, as Melia is a player mainly exposed to leisure demand, essentially in Europe. ...Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
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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