Corrected: Sweden's Pandox Q3 EBITDA beats on strong lease revenue growth
CORRECTED-Sweden's Pandox Q3 EBITDA beats on strong lease revenue growth Corrects revenue metric name in table to "Revenues for Leases" from "Revenue from Property Management"
Overview
Sweden hotel property owner's Q3 EBITDA rose 30% and beat analyst expectations
Q3 revenue from leases up 37% yr/yr; own operations revenue up 7%
Company to divest seven hotels in Denmark and Sweden above book value
Outlook
Pandox expects lower growth in Q4 due to strong prior-year comparison and higher interest expenses
Company says divestments of seven hotels reflect growing investor interest in hotel properties
Pandox aims to enter new lease agreements for German hotels after Revo Hospitality bankruptcy
Result Drivers
LEASES SEGMENT GROWTH - Co said strong development in Leases segment drove increases in total revenue and net operating income
GERMAN HOTEL RESTRUCTURING - Co established new operating models for nine German hotels after tenant bankruptcy, transferring six to Own Operations and three remaining in Leases segment
PROPERTY DIVESTMENTS - Co signed agreements to sell seven hotel properties in Denmark and Sweden above book value, reflecting increased investor interest
Company press release: ID:nMFN6433nl
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue from Leases |
| SEK 1.49 bln |
|
Q3 Cash Earnings |
| SEK 806 mln |
|
Q3 Net Income |
| SEK 1.02 bln |
|
Q3 EBITDA | Beat | SEK 1.56 bln | SEK 1.52 bln (4 Analysts) |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)