Equity Analysis /
Croatia

Valamar Riviera: Sun is shining and the weather is sweet; Strong Buy

  • We expect this year’s bottom line to be positive at HRK 74m due to strong 3Q and summer season results.

  • Fast recovery of demand to pre-pandemic times due to high share of premium hotel and camping capacity reachable by car.

  • Stronger capex from 2023 onwards and opening of premium flagship Hotel Pinea in 2024 is expected to grow sales further.

Tea Pevec
Tea Pevec

Head of Research

InterCapital
26 October 2021
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