Author Topic: RADH - Radisson Hotel Group  (Read 11412 times)

alwaysinvert

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Re: REZT - Rezidor Hotel Group
« Reply #10 on: December 14, 2017, 03:38:56 PM »
Latest news about HNA decreasing I interpret as a really bad sign.

Seems very far fetched to think that a bid from HNA will come from here, or what do I know?

It's certainly not a positive for the timeline, that's for sure. Discussed this some on Twitter earlier and it is at least *possible* that there is a sale and repurchase deal like they did in NH recently behind this. Hopefully they will communicate that shortly if that is indeed the case. Otherwise we should probably expect the holding to have shrunk more by year-end.


alwaysinvert

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Re: REZT - Rezidor Hotel Group
« Reply #11 on: December 15, 2017, 08:05:36 AM »

dontdodebt

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Re: REZT - Rezidor Hotel Group
« Reply #12 on: December 18, 2017, 12:37:16 AM »
Ok. "Good" sign then.

Big liquidty problem it seems but the hypothesis about a future bid is not as far fetched.

alwaysinvert

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Re: REZT - Rezidor Hotel Group
« Reply #13 on: December 28, 2017, 09:48:26 AM »

alwaysinvert

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Re: REZT - Rezidor Hotel Group
« Reply #14 on: February 07, 2018, 11:48:55 AM »
Another new write-up of the stock: http://www.yetanothervalueblog.com/2018/02/checking-into-rezidor-rezt.html

Also, there is apparently a VIC write-up too, which I guess you can read if you are a premium member (I'm not).

This stock is turning into quite the value darling. I don't know if that's a good sign or not.

valuedontlie

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Re: REZT - Rezidor Hotel Group
« Reply #15 on: February 07, 2018, 12:03:32 PM »
Haven't seen any of these write-ups look at the lease situation here... compared to peers, REZT seems to have much higher lease obligations both relative to EBITDAR and EV. Some serious operating leverage that could cut deep in a downturn... Just a thought.

alwaysinvert

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Re: REZT - Rezidor Hotel Group
« Reply #16 on: February 07, 2018, 12:14:38 PM »
Haven't seen any of these write-ups look at the lease situation here... compared to peers, REZT seems to have much higher lease obligations both relative to EBITDAR and EV. Some serious operating leverage that could cut deep in a downturn... Just a thought.

It is touched on in my original write-up (in Swedish). You are absolutely correct in that it makes Rezidor riskier. Although I would surmise that they have exited some of the worst contracts since the financial crisis and the growth has been in managed and franchise. The potential valley may not be as deep as earlier results would indicate. Also, they have shifted somewhat to variable leases within the category (Scandic's main model).

whistlerbumps

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Re: REZT - Rezidor Hotel Group
« Reply #17 on: February 13, 2018, 12:22:19 PM »
Big question is whether you believe in the turnaround plan laid out at the investor day.  If they are anywhere close to what they project, stock is a multibagger.... Carlson and Rezidor seem to be implementing the same play that Federico enacted at NHH

Agreed that there is significant operating leverage in the model but without a material travel recession, I think its tough to see too much downside here.

whistlerbumps

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Hielko

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Re: REZT - Rezidor Hotel Group
« Reply #19 on: February 13, 2018, 02:23:23 PM »
Big question is whether you believe in the turnaround plan laid out at the investor day.  If they are anywhere close to what they project, stock is a multibagger.... Carlson and Rezidor seem to be implementing the same play that Federico enacted at NHH

Agreed that there is significant operating leverage in the model but without a material travel recession, I think its tough to see too much downside here.
Does not compute...