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NH Hoteles

  NHH SM

Hotels & Motels, Residential Construct...
 /  Spain 
Another capital increase for NH Hoteles ?
Updates
29/07/2010Earnings/sales releases
NH Hoteles reported good Q2 perform...
12/05/2010Earnings/sales releases
NH Hoteles reported near enough sta...
03/03/2010Earnings/sales releases
NHH reported poor 2009 results with €...
29/10/2009Other news/comments
NH Hoteles reported a weak 9 months...
17/09/2009Latest
NH Hoteles and Hesperia (its main sh...
13/05/2009Latest
NH Hoteles reported a very weak Q1 ...
03/03/2009Latest
With €1,165m of net debt at end 2008 ...
Summary Key Data
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 24.7 -11.6
Dividend yield (%) 0.00 0.00
EV/EBITDA (x) 9.20 10.9
AlphaValue EPS (€) 0.34 -0.29
Dividend (€) 0.00 0.00
Sales (€M) 1,460 1,210
EBITDA (€M) 249 104
Attributable net profit (€M) 26.8 -97.1
ROE (after tax) (%) 2.46 -8.67
ROCE (%) 5.20 3.13
Gearing (%) 107 97.1
Target
Price (€) 3.02
Market Cap (€M) 745
Perf. 1W: 5.96 %
Perf. 1M: -1.79 %
Perf. 3M: 24.3 %
Perf Ytd: -18.8 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
RISK
GOVERNANCE
RANKING
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Worst
Businesses & Trends
NH Hoteles is a Spanish group, with hotel activity accounting for 92% of sales and over 60,000 rooms mainly located in Spain (28%... Read More
Money Making
With a high level of fixed costs, NHH's margins are very sensitive to revenue fluctuations and are particularly suffering in the cur... Read More
Valuation
NH Hoteles is our least preferred stock in the Hotels sector due to its risky breaking-covenants profile, its high operating leverage ... Read More
Analyst: Cécile Aboulian
Concepts
Business concepts
  • Labour intensive
  • Asset based
  • Marginal capacity play
  • Structural overcapacity
Investment Concepts
  • Acquisition based growth
  • Margin contraction
  • Option like call on assets
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