The Meliá hotels 13.9% that increases the appraisal of tourist chain assets to 5,285 million euros were revalued in the last two years. This extends the discount to which the company is quoted in relation to all its hotels, to the point that an investor would be paying today less than half of what Meliá’s assets are worth for acquiring your actions. That is, the discount reaches 52.3%at current prices.
Meliá Hotels’s business is not that of a real estate society. That is, its business also covers the management of tourist assets that is an intangible value, such as brands or associations with other companies (Joint Venture). But that only the value of its hotels is very superior to stock market of the company indicates the reduction with which the hotel is quoted in the IBEX 35 (5% retreat since then).
At the end of 2024, the hotel commissioned an external assessment to CBRE to know how much Meliá’s assets had risen. Thus, of the 4,641 million euros of the last appraisal, in 2022, those were reached 5,285 million, 13.9% more. And in this period the value of the assets of the last Joint Venture They were less up to 561 million, so property hotels are those that support the weight of this revaluation.
Meliá’s net debt is 2,236 million euros at the end of the last year. Thus, if you do the practical exercise of verifying what liquidative value Meliá would have this would be around 3,050 million euros: the double of the stock market capitalization today. “The increase in this assessment has its advantages because it improves your access to financing and allows you to take advantage of possible divestments. On the other hand, it is common for hotel companies to discount with a discount against the value of their assets. When a hotel is sold, it is made at market price and it is difficult for the price to collect this in value,” says the rental of rent 4 Iván San Félix Carbajo.
With prices at the end of 2022, the liquidative value per action of Meliá stood at 8.9 euros. This implied a 48% discount compared to its price in the parquet at the end of that year. He Liquidative value per action would now be at 13.8 euros With a debt that evolved downward, an assessment of upward assets and a market value (stock marketing) that rises almost 50%. Thus, the difference is four percentage points in two years in which Meliá Hotels saw an improvement in the support of the analysis firms that follow the tourist value.
The market consensus establishes a purchase council for the hotel and an objective price of 9.14 euros per share, according to FACTSET, which would imply quoting at maximum 2019 (early). “Multiples assessment remains particularly low in Meliá with respect to its average both for the company in front of [EV/ebitda] as for net benefit against market capitalization [PER]. Considering him Positive potential for action And his undersalist, we maintain our purchase advice, “says Deutsche Bank analyst Andre Juliard.
The double digit increase of the Revpar (income per available room) in 2024 verified the increase in tourism activity in all regions in which Meliá Hotels operates. And after the 12% drop in the stock market so far this year, the Votelera bullish potential is 38.5%. The CEO of the chain itself, Gabriel Escarrer, expressed his good impressions for the first quarter of 2025 for the “positive evolution in the Caribbean and the holiday destinations of Southeast Asia.” However, from the company they foresee a more moderate growth of the Revpar in 2025 compared to previous years. The market consensus establishes this increase in 2.2%, according to FACTSET, up to 122.1 euros (for property and management).
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