Melia : Major risk of disappointment in Q3; the equity story lacks appeal despite the share buyback programme; Neutral (vs Buy)
>Q3 preview: major risk of disappointment - Melia is due to report its Q3 results on 7 November after the close. Its Q2 results were slightly underwhelming, but we think that Q3 risks being even more disappointing. The group’s broad exposure to Latin America (~50% of its hotel EBITDA in 2018, including Cuba) is a recurrent slowdown factor and we see little prospect of momentum improving in this region (oversupply in the Dominican Republic, security and health impacts ...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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