Q3 2024 Pandox AB Earnings Call Transcript
Key Points
- Pandox AB (PNDXF) reported a 5% increase in like-for-like total revenue and a 3% increase in total net operating income for the third quarter, reflecting a more normalized hotel market.
- The company successfully acquired three modern and highly profitable apart hotels in central London, expected to contribute around £34 million in revenue and £17 million in net operating income annually.
- Pandox AB (PNDXF) has a high-quality project pipeline expected to accelerate organic earnings and value growth from 2024 to 2026 and beyond.
- The company maintains strong and positive lender relationships with low refinancing risk, supported by bank financing only.
- Pandox AB (PNDXF) has ambitious ESG targets, including a substantial climate transition program with high ROI, enhancing its sustainability profile.
- The Swedish regional market, excluding Stockholm, continues to struggle due to significant capacity inflow in Gothenburg, leading to a market rate decrease of close to 15%.
- Finland's regional market experienced slower development due to challenging comparable growth rates.
- The company's LTV will increase to 46.5% following the acquisition of Doubletree by Hilton in Edinburgh, moving it closer to the higher end of its policy range.
- Despite positive growth, the occupancy increase in Europe is relatively modest at 1%, indicating potential challenges in fully recovering pre-pandemic levels.
- Geopolitical uncertainties remain a significant risk factor for future growth projections in the hotel market.
Here together with Liia Nou our CEO and Anneli Lindblom, our CFO and with us today, we also have Thomas Emanuel, a senior director at STR. And as you know, STR is a leading independent research firm focused on the hotel market. And Thomas is here to share STRS view on the market. And please note also that the views expressed by STR are completely separate from Pandox. And that this presentation is offered only as a service to Pandox stakeholders.
And Thomas presentation will be held after we have completed the formal earnings presentation including the Q&A.
So let's begin with Liia and Anneil who will then present the business update with financial highlights for the third quarter followed by the Q&A session.
Yes, now I hand over to Liia.
Thank you Anders and good morning and welcome everyone.
I would like to start this presentation like the last time with a very quick recap of the key investment highlights
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