COURBET

This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

COURBET ^CR	Bloomberg MLCOU FP
Hotels & Motels / France	Web Site \| Investors Relation

A new hotel offering responding to tomorrow's demand

Pros

The revitalisation of sub-marketed assets is a strategy with potentially significant operational leverage. The project is led by Mr. OTT who has extensive real estate experience in Europe.
The hotel industry in central France (Project 1) addresses the growing market of green, economically accessible, local, low-carbon, health-centred tourism.
COURBET has acquired a second hotel in Cannes in September 2022 (Project 2). Supported by its majority shareholder, COURBET has the capacity to constitute a group with a patrimonial profile.

Cons

Boosting the attractiveness of certain destinations may require sustainably high marketing budgets: i/ from independent public authorities; ii/ from COURBET on its own assets.
In order to finance the roll-out, significant calls on the market are likely in the future. First issues at €1.20 per share will take place in 2022-23 for €7m.
For the time being, COURBET's size will result in a micro-cap status on a non-regulated market. This will be accompanied by a reduced liquidity of the share.

Updates

18/11/24	M&A /Corp.	Merger Project with MHM
24/10/24	Opinion	Buy vs Sell
19/08/24	Opinion	Pending further details on the works prog...
19/08/24	Target	The target price has been revised sharply...
19/08/24	EPS	Given the still low contribution of assets t...
19/08/24	NAV	We are revising our GAV to take into acc...
19/08/24	DCF	The general parameters of our DCF are ...
14/08/24	Earnings	Triple the NAV by 2030
12/03/24	Other news	Accelerating the deployment of the pipeline
22/02/23	M&A /Corp.	Alluring acquisition in Cannes
05/12/22	Initiation cov.	Building tomorrow's hotel offer

Key Data

	06/22A	06/23A	06/24E	06/25E	06/26E
Adjusted P/E (x)	7.70	-41.7	ns	-17.6	ns
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	ns	96.7	ns	ns	22.8
Adjusted EPS (€)	0.15	-0.02	-0.03	-0.09	-0.03
Growth in EPS (%)	23.7	n/a	n/a	n/a	n/a
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€M)	0.00	0.80	3.28	4.24	13.1
EBITDA/R margin (%)	ns	27.5	8.35	11.0	26.3
Attributable net profit (€M)	0.96	-0.18	-0.30	-1.02	-0.34
ROE (after tax) (%)	-47.1	27.5	-5.96	-11.4	-4.08
Gearing (%)		744	324	739	899
Next Div. Indic € 0.00 payment 15/06/2025