InterContinental Hotels: up, broker in support
The research firm highlights the British hotel group's relatively resilient exposure, solid financial position, know-how and good track record in terms of hotel development.
'The stock market valuation suggests an EV/EBITDA 2024 multiple of 16.4 times, a 10% discount to US asset light comparables (Hilton and Marriott), a level we consider unjustified in the current context, and an FCF yield of 4%', it adds.
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