What moat does Meliá Hotels International have?

The advantage is the brand already known in sun and beach, and the management contract on a hotel someone else would have to fill. It is not ownership of the beach. The traveller compares price. The moat narrows if the season weakens or if the building's owner ends the management contract and keeps the asset.

How do you read the Meliá Hotels International radar?

Health has to be read in the debt of the owned hotels, not as if everything were a management fee. Quality separates the brick margin from the fee, which is thinner. Growth is occupancy and rate, not a concession. P/E valuation is read against the tourism cycle, not against a full summer. Shareholder return is the dividend, secondary if cash still has to be rebuilt.

Which multiples matter for Meliá Hotels International?

The P/E of a good summer is not normal earnings. EV/EBITDA is read knowing which hotels are on the balance sheet and which are only managed. A fee does not carry the same debt as a building. Do not compare it with Aena's multiple. A dash means the MEL.MC cache is cold.

What does this Meliá Hotels International analysis leave out?

Not advice on MEL.MC. Vaultflake does not split ownership and management and does not forecast the season. This is not a hotel inventory. Read the CNMV filings. A past dividend is not a right. The table is a snapshot, not a target price.

Meliá Hotels International (MEL.MC) analysis

Meliá Hotels International, S.A.

Sector:Consumer Discretionary · Hotels

Country:Spain

Profile and moat

Meliá runs hotels, chiefly resorts, in Spain, the Mediterranean and the Caribbean. Some buildings are owned or leased. Others are management or franchise contracts: the brand and the operation, without the brick. This report does not split that mix and does not say the chain is the largest.

The year is run by tourism. Rate and occupancy rise when people travel, and fall when they do not. The Caribbean adds currency. It is not Aena, which collects the airport concession, and it is not IAG, which sells the ticket. The guest picks another hotel on the next booking.

Debt sits mostly in the hotels that are owned. Management collects a thinner fee. The dividend comes from the cash the season leaves. This report does not state a room count or a loyalty-programme membership.

Meliá Hotels International (MEL.MC) analysis

Meliá Hotels International, S.A.

Sector:Consumer Discretionary · Hotels

Country:Spain

Meliá Hotels International (MEL.MC) analysis

Profile and moat

Meliá Hotels International (MEL.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Meliá Hotels International have?

How do you read the Meliá Hotels International radar?

Which multiples matter for Meliá Hotels International?

What does this Meliá Hotels International analysis leave out?

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