Bankinter: Results for the stock in 2Q24 have been slightly worse than expected, but maintains guidance for the year. Key figures: Sales +1% to €520M versus estimated €528M; EBITDA +1% to €142M versus estimated €144M; EBITDA +7% to €36M versus estimated €40M. Net Debt reduced to €892M in June 2024 from €1,197M in March, and its liquidity position improved to €392M versus €305M previously. The outlook for the company continues to be good. Bookings continue to grow in double digits and the company expects low double digit RevPar (revenue per available room) increases in 2024. As a result, the company expects to reach €525m EBITDA in 2024.
Market research team’s view: 2Q 2024 results slightly worse than estimated. However, the company maintains guidance for the year. The sharp reduction in net debt is due to the sale of assets for €300m already announced months ago. It thus stands at a DFN/EBITDA ratio of 4.5x (including leases). We expect a slightly negative impact on the share price. We maintain our Buy recommendation
