(News Bulletin 247) – Invest Securities remains ‘neutral’ on Covivio Hotels with an adjusted price target of 15 to 14.5 euros, after a first half which confirmed the very good trend of the first quarter with RevPar in Europe well above pre-health crisis levels.
‘In this context, the revenues of Covivio Hotels rose sharply by +20% on a like-for-like basis. The sharp rise in financial costs, however, mitigated the rise in the RNR which, overall, remains robust at +9.3%’, notes the analyst.
“The sharp rise in rents since 2019 in a context of increased pressure on discretionary consumption calls for caution, but we continue to believe that the property company will be able to maintain its distribution,” he continues.
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