Scandic Hotels : Risk of negative newsflow to come; Reduce maintained, target price adjusted to SEK 21
>Q3 2020 results still poor despite a sequential improvement - With revenues down 60% y-o-y and adjusted EBITDA negative to the tune of -SEK 281m (i.e. excl. state aid), Scandic turned in a better operating performance than for Q2 (revenues down 86% and negative EBITDA of -SEK 1138m), given that almost all of the network is operational and that July/August were fairly good due to the easing of restrictions linked to the health situation as the first wave of the pandem...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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