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Sales: € 82.0 M (-82.2% vs. -80.0% BS(e) and -79.6% consensus);
EBITDA: € 15.6 M (-89.7% vs. € -14.8 M ex BS(e) and € -7.6 M consensus);
Net Profit: € -94.8 M (€ 37.3 M in FY2019 vs. € -109.9 M BS(e) and € -112.0 M consensus);
FY2020 vs. FY2019 Results
Sales: € 539.7 M (-68.6% vs. -68.0% BS(e) and -67.9% consensus);
EBITDA: € 4.6 M (-99.2% vs. € -25.8 M BS(e) and € -18.6 M consensus);
Net Profit: € -372.2 M (€ 103.2 M in FY2019 vs. € -387.3 M BS(e) and € -389.4 M consensus);
The 4Q’20 results came in above expectations in EBITDA. Sales came in below, but costs were above expectations, with rental savings standing out (€ 33.8 M in 4Q’20 vs. € 12 M BS(e)). Despite this having some accounting effect (non-cash), even excl. these factors EBITDA would have come in above expectations.
As for the outlook, the company has not provided any details. NH claims to see some improvement in occupancy levels, which went from ~20% in December to ~25% in February, but has not provided a guidance’21 in view of the lack of visibility.
This set of results has a positive slant, but the share price has risen by +35% in the last month (+30% vs. IBEX) and our estimates already assume strong recovery (EBITDA’23 in line with 2019), yet despite this we see no upside (the stock is trading -18% below February’s pre Covid-19 highs, when the cash burnt in 2020 alone would justify a -25% discount). We expect the company to provide further details on the outlook and possible asset sales in today’s conference call (13:00 CET). SELL. Target Price: € 3.00/sh (upside -29.41%)
NH HOTELES: 4Q’20 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'20 vs. 4Q'19 ResultsSales: € 82.0 M (-82.2% vs. -80.0% BS(e) and -79.6% consensus);
EBITDA: € 15.6 M (-89.7% vs. € -14.8 M ex BS(e) and € -7.6 M consensus);
Net Profit: € -94.8 M (€ 37.3 M in FY2019 vs. € -109.9 M BS(e) and € -112.0 M consensus);
FY2020 vs. FY2019 Results
Sales: € 539.7 M (-68.6% vs. -68.0% BS(e) and -67.9% consensus);
EBITDA: € 4.6 M (-99.2% vs. € -25.8 M BS(e) and € -18.6 M consensus);
Net Profit: € -372.2 M (€ 103.2 M in FY2019 vs. € -387.3 M BS(e) and € -389.4 M consensus);
The 4Q’20 results came in above expectations in EBITDA. Sales came in below, but costs were above expectations, with rental savings standing out (€ 33.8 M in 4Q’20 vs. € 12 M BS(e)). Despite this having some accounting effect (non-cash), even excl. these factors EBITDA would have come in above expectations.
As for the outlook, the company has not provided any details. NH claims to see some improvement in occupancy levels, which went from ~20% in December to ~25% in February, but has not provided a guidance’21 in view of the lack of visibility.
This set of results has a positive slant, but the share price has risen by +35% in the last month (+30% vs. IBEX) and our estimates already assume strong recovery (EBITDA’23 in line with 2019), yet despite this we see no upside (the stock is trading -18% below February’s pre Covid-19 highs, when the cash burnt in 2020 alone would justify a -25% discount). We expect the company to provide further details on the outlook and possible asset sales in today’s conference call (13:00 CET). SELL. Target Price: € 3.00/sh (upside -29.41%)
Underlying
NH Hotel Group SA
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
Provider
Sabadell
Francisco Rodriguez
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