Radisson Hospitality AB: Update following downgrade to B3 and placemen...

Our credit view of Radisson, reflecting B3 CFR placed under review for a possible downgrade reflects risks driven by the coronavirus outbreak.

Radisson Hospitality AB: Update following placement of CFR under revie...

Our credit view of Radisson, reflecting B1 CFR placed under review for a possible downgrade reflects risks driven by the coronavirus outbreak.

Radisson Hospitality AB: Update of Radisson Hospitality AB key credit ...

Update to the discussion of the key factors driving Radisson's rating.

Radisson Hospitality (No_rec, TP: SEK) - Discontinuing coverage

Radisson Hospitality is being delisted with the last day of trading 22 March. Therefore we have discontinued our coverage of the stock. Our last published recommendation, target price and estimates should no longer be relied upon.

ODDO BHF Small & MIDCAP MORNING NEWS - 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Radisson Hospitality AB : Full-year results a shade below expectations...

>Full-year results a shade below expectations - Radisson Hospitality this morning reported its full-year results: they were a shade below expectations. The group’s revenues came in at € 959m, down -1% y-o-y (hit by the scope and forex effects) and were -3% below our estimates. RevPAR growth reached +3.3% in Q4 at group level, well below the Q3 performance of +8.9%. By region, we note persistently solid growth in the Nordics at +8.3% whilst the rest of Europe marked ti...

ODDO BHF Small & MIDCAP MORNING NEWS - 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

Radisson Hospitality AB : Des résultats annuels légèrement en desso...

>Résultats annuels légèrement en dessous des attentes - Radisson Hospitality a publié ses résultats annuels ce matin ; ils ressortent légèrement au-dessous des attentes. Les revenus groupe s’établissent à 959m€, en baisse de -1% yoy (impacté surtout par des effets périmètres et forex) et sont -3% au-dessous de nos estimations. La croissance des RevPars ressort à +3.3% au T4 au niveau groupe, largement en retrait de la performance du T3 à +8.9%. Par région, on note une...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/20/2019

We feel that Bouygues’ stock-market performance reflects unwarranted negative sentiment: (i) prospects in construction overshadowed by an excessive response to the profit warning (€ 1.9bn in market cap wiped out for € 123m in one-offs); (ii) resilience in telecoms, with a growth driver in B2B; (iii) generous dividend from Alstom in the coming year (€ 6.5 per share); and (iv) a low in the TF1 share price. With a FCF yield of 9% and a dividend yield of 5.8%, it is a good deal and a rare...

ODDO BHF Small & MIDCAP MORNING NEWS - 02/20/2019

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ODDO BHF Small & MIDCAP MORNING NEWS - 20/02/2019

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/02/2019

Le parcours de Bouygues témoigne, selon nous, d’un sentiment injustement dégradé : 1/ perspectives en construction occultées par un warning surjoué (1.9 Md€ effacés pour 123 M€ de one-off) ; 2/ résilience des télécoms et relai de croissance en B2B; 3/ généreux dividende d’Alstom dans l’année (6.5 €e/titre) ; 4/ TF1 à ses plus bas. Avec 9% de FCF yield et 5.8% de rendement, l’affaire est bonne et l’occasion rare. Achat réitéré, OC 44 €. Cf. étude publiée ce jo...

ODDO : Slight dip in European hotel segment in January

>Growth of +3.0% in RevPAR in January in Europe - STR, a provider of hotel performance data in Europe, has just published the performance figures for hotels in the main European markets for January, a particularly significant month for corporate demand. RevPAR in western Europe (which encompasses the main markets except for the UK) rose +3.0% over the period, reflected a slight deceleration relative to December at +5.0% and compared with the 2018 average of +4.5%. The...

ODDO : Leger fléchissement de l’hôtellerie européenne en janvier

>Une croissance des RevPAR de 3.0% en janvier en Europe - STR, fournisseur de données de performance hôtelière en Europe, vient de publier les chiffres de performance des hôtels dans les principaux marchés européens pour le mois de janvier, un mois particulièrement important pour la demande corporate. Les RevPAR en Europe de l’Ouest (qui englobe les principaux marchés, hors Royaume-Uni) ont progressé de 3.0%, en légère décélération, par rapport au mois de décembre à +...

Northern Lights

Radisson Hospitality (Sell, TP: SEK40.00) - Check out or you may never...

Despite operational improvements and an offer from the majority shareholder on the low side of what we consider fair value, we believe the announced bid presents investors with a tidy exit. The offer would enable an exit at the highest share price in c4.5 years, and we find the risk of being locked-in unfavourable. We have raised our target price to SEK40 (35), but downgraded our recommendation to SELL (HOLD).

ODDO BHF Small & MIDCAP MORNING NEWS - 12/12/2018

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ODDO BHF Small & MIDCAP MORNING NEWS - 12/12/2018

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Radisson Hospitality AB : Public takeover offer from Jin Jiang at SEK ...

>Jin Jiang has announced an offer of SEK 40 per share - In line with market expectations, Jin Jiang has announced the launch of its compulsory takeover offer on the shares not owned by Radisson Hospitality. The offer price of SEK 40 per share has come as a very positive surprise for minority shareholders since it is much higher than the SEK 35 per share paid by Jian Jiang to acquire the 70% already held in the group. At SEK 40 per share, the group is valued at SEK 7bn...