Scandic Hotels : Q3 results undershot expectations, but announcements re. share buybacks and the special dividend provide support. Underperform rating maintained
>Q1 figures a shade above forecasts - Scandic Hotels this morning published a pretty weak set of Q3 results, below expectations. Group RevPAR rose by just 0.9% y-o-y in the quarter (versus our estimate of +1.8%, css Visible Alpha at +1.6%), with average prices stable y-o-y and occupancy rates up 0.4 pt (in line with management expectations). Group revenues, at SEK 6,182m, were down 2% y-o-y (ODDO BHFe at SEK 6,374m and css Visible Alpha at SEK 6,317m), hit by weak Rev...Scandic Hotels Group AB is a Sweden-based company engaged, along with its subsidiaries, in the operation of hotels. The Company's main market in which the Group operates in: Sweden, which includes Swedish hotels that are operated under the Scandic brand; Norway, which includes Norwegian hotels that are operated under the Scandic brand, and Other Nordic countries & segments include hotel operation in Belgium, Denmark, Finland, the Netherlands, Poland and Germany, as well as the hotel concept HTL, which is operated by the sub-group HTL Hotels. The Company operates a network of approximately 224 hotels and almost 42,000 hotel rooms in seven countries. Scandic Hotels Group AB is a wholly owned subsidiary of Sunstorm Holding AB.
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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