The actions of Melia Hotels down 1.74% mid-morning to mark 5.08 euros within a IBEX 35 which at the same time fell by 1.04%. The value is heading for its sixth consecutive day of falls, a negative streak in which it is already 10.7%. If the accumulated figure for 2022 is analyzed, the penalty is 15%, with the market capitalization at around 1,120 million euros.
And that the summer season seems to have been good. Meliá has indicated that occupancy this summer has remained slightly below 2019 – an extraordinary year for Spanish tourism – but with an increase in rates of “high double digits”, so that revenues could exceed those of the summer of 2019. He is also optimistic about the last quarter of the year. Reserve data shows a continuation of the upward trend compared to 2019.
“Good news,” says the Bankinter analyst Juan Moreno. “Revenues recover pre-Covid levels and the sharp rise in prices makes it possible to largely offset the increase in costs.” “Cash generation will also be positive, which will allow it to improve its liquidity and financial position, and it could sell assets to reduce debt.”
Bankinter reiterates its ‘buy’ recommendationwith a target price of 7.81 euros per share, which is almost 55% above the current price.