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Whitbread: Oddo still a buyer

( - Oddo highlights a 50% y-o-y drop in RevPAR in August in Europe after three months of almost no revenue for hoteliers.

This is a sequential improvement compared to -62% in July and -80/-90% between April and June.

In cumulative performance, and since the beginning of 2020, RevPAR has fallen by 59% in the region, compared with flat growth at the end of February. Occupancy rates vary between -41% and -52%, but average prices are quite different by country, with a drop of only 5% in Germany against -27% for the United Kingdom, Oddo says.

Oddo says that it remains convinced that in the recovery phase, it is profiles that are exposed to local demand, and in the conomy/intermediate segments (given down trading) that will do best. Analysts add that they still prefer Whitbread (Buy) and Accor (Buy).

However, the market doesn't seem to agree - at least for today - the Whitbread share is down over 4% just before midday on Friday.

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