欧洲旅馆行业研究报告2008年4月

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European Hotels
SECTOR REVIEW
Cautious overall, but bullish on Accor
■
Summary: On a FY08E P/E of 15.6x, the European lodging sector looks
inexpensive, as it currently trades 10% below its historical average. However,
we believe risks to earnings are still on the downside and we therefore
remain cautious. Hoteliers have two months of visibility on bookings at best.
We favour Accor (Outperform) for its Vouchers division, its exposure to the
more defensive economy segment and its ongoing restructuring. We also
maintain our Neutral ratings on InterContinental Hotels Group (IHG),
Millennium and Copthorne (M&C) and Rezidor.
■
Downgrading our estimates and target prices: We reduce our RevPAR
assumptions and EPS estimates (with the exception of Accor, which we
addressed previously) to reflect our economists’ view of a higher risk of a
recession in the US and a soft landing in Europe. Our EPS estimates are
now 5–8% below consensus in FY08E–09E.
■
Accor is our key pick: Outperform,

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关键词：行业研究报告 研究报告 行业研究 Continental Structuring 研究报告 行业 欧洲 旅馆

谢谢啊 这个好像是国外的卷商报告～