NH Hoteles : Underperform (vs Neutral): a business model that should underperform in the recovery
>Q4 2020 tougher than expected, reflecting an underperformance vs peers - With a y-o-y decline in RevPAR and sales of 85% and 82% respectively, the Q4 operating performance for NH Hotels came in below average in our universe of coverage. The group’s focus on Europe (close to 85% of sales) and corporate demand, notably international, meant that it was hit hard by the tighter restrictions imposed in Europe in Q4. Therefore, at end-December just 60% of the network was o...NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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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