NH Hoteles : Time to take profits. Underperform vs Neutral; target adjusted to € 3.8
>Share price rally disconnected from fundamentals - Following the announcement on 8 May by the majority shareholder Minor International (owner of 94.1% of the capital at the time) regarding its plan to buy back shares in the market (and for period of a month), the share is up ~24% on the month. The stock, now at around € 4.5, shows a discount of only ~10% on the price just before the Covid crisis. A price of € 4.5 represents the upper limit of the range initially anno...NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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