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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Melia Hotels International    MEL   ES0176252718

MELIA HOTELS INTERNATIONAL

(MEL)
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Melia Hotels International : Spain's Melia Hotels in the red after pandemic results in worst quarter ever

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07/30/2020 | 11:11am EDT

Spain's Melia Hotels swung to a first-half loss after suffering what its CEO called the worst quarter in the company's history as the coronavirus forced hotel closures across the globe.

"In April and May our revenues decreased almost to zero," Chief Executive Gabriel Escarrer said on Thursday as the company reported its results, adding that a low level of activity had restarted in June.

Just 12% of Melia's available rooms were open during the April-June quarter as global travel was brought to a near standstill at the height of the pandemic in Europe, with flights grounded and most countries imposing nationwide lockdowns.

First-half group revenue slumped 63% to 319.2 million euros, while revenue per available room (RevPAR) - a closely watched metric in the hotel industry - fell 40%, Melia said.

Spain accounts for 43% of Melia's total portfolio of rooms.

The group, founded in 1956, reported a net loss of 358.6 million euros (324.08 million pounds) for the first six months of the year, against a 47.7 million euro profit in the first half of 2019.

Since June the company has begun to reopen operations at different speeds in different countries, depending on travel restrictions in place.

Spain will remain the main driver of the business for now, the company said.

It expects to have almost 60 Spanish hotels open in July, concentrated on the mainland coast and the Balearic and Canary Islands, where it expects the summer season to be shorter than usual.

Resort hotels are recovering quicker than hotels in cities, while independent travellers are recovering at the highest rate, Melia said.

But the company declined to give any detailed guidance for the coming months, citing the high level of uncertainty and low visibility of future demand.

(Reporting by Nathan Allen; Editing by Jan Harvey and Susan Fenton)


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Financials
Sales 2020 743 M 878 M 878 M
Net income 2020 -418 M -494 M -494 M
Net Debt 2020 2 037 M 2 409 M 2 409 M
P/E ratio 2020 -1,62x
Yield 2020 0,70%
Capitalization 662 M 786 M 783 M
EV / Sales 2020 3,63x
EV / Sales 2021 2,15x
Nbr of Employees 10 705
Free-Float 41,3%
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Technical analysis trends MELIA HOTELS INTERNATIONAL
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Mean consensus HOLD
Number of Analysts 18
Average target price 4,40 €
Last Close Price 3,01 €
Spread / Highest target 246%
Spread / Average Target 46,0%
Spread / Lowest Target -0,33%
EPS Revisions
Managers
NameTitle
Gabriel Juan Escarrer Jaume Vice Chairman & Chief Executive Officer
Gabriel Escarrer Julié Non-Executive Chairman
André Philippe Gerondeau Chief Operating Officer
Maria Del Pilar Dols Company Chief Financial Officer
María Antonia Escarrer Jaume Executive Director
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