Equity Research: NH Hotel Group, S.A.

This equity research report contains a valuation of NH Hotel Group S.A., following the ISEG's Master’s in finance final work standards and written in accordance with the research report format proposed by the CFA Institute. The tourism industry has been severely hit by the pandemic in the past two years, NHH group was selected to understand the impacts of the pandemic on hotel performance and the corresponding countermeasures against the current macroeconomic environment. A detailed evaluation and the respective estimation of NH Hotel Group S.A.’s intrinsic share price were performed for 2023YE. This equity research was based on publicly available information and sources issued until October 11th, 2022. The target price was obtained through absolute valuation methods, the Discounted Cash Flow (DCF) method, complemented by the Adjusted Present Value (APV) method and the Relative Valuation method. Having reached the price target of €2.43 at 2023YE with an upside potential of 1.3% from the closing price of €2.40 on October 1st, 2022, the investing recommendation for NH Hotel S.A. is to REDUCE with high risk.