GRUPO PESTANA SGPS SA


Type of ratings: Corporate

Rating value: BBB-

Outlook: Positive

License: EthiFinance Ratings

Solicited

EthiFinance Ratings affirms Grupo Pestana s BBB- rating, changing its outlook from Stable to Positive. The company focuses its activity on the management of 79 hotels, 9 units of vacation club, 6 golf courses, 4 real estate ventures, 1 casino gambling concession and 1 brewery company, all of which are located in Portugal. Grupo Pestana s turnover in 2021 was € 262.2MM (+60.7% YoY) with an EBITDA of € 79.6MM (38.1% EBITDA Margin). NFD/EBITDA stood at year end in 5.3 times. As of the end of 3Q22, the company reported € 299.8MM revenues and an EBITDA of € 114.2MM (38.1% EBITDA margin). NFD/EBITDA LTM stood at 1.8x.

Ratings

Rating action: Affirmed

Action date: 2022-12-21

Date last rating: 2022-12-21

Date first rating: 2019-09-06

Documents

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Methodologies

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