Who are we?
Investors & financial institutions
- Independent credit research
  - High Yield credit research
  - Index sponsor
- ESG Solutions
- Consulting
- Our services for Investors & financial institutions
  - EthiFinance is an independent European rating, research and advisory company, operating in both the financial and non-financial fields. The Group offers a full range of services to Investors and Financial institutions through its four complementary business units. Its solutions address all financial players: institutional investors, asset managers, banks, insurance companies, etc.
Corporates & organisations
- ESG solutions
- Consulting
- Practices
  - Taxonomy
  - Biodiversity analysis
- Our services for corporates & organisations
  - EthiFinance is an independent European rating, research and advisory company, operating in both the financial and non-financial fields. The Group offers a full range of services to Corporates and Organisations through its three complementary business units. Its solutions address both companies and local governments.
Credit rating agency
- About ratings
- Product & services
- Regulatory
- Notifications & events
  
  Notifications
  
  Publications
  
  News
  Login
Insights
News
|
- FR
- ES
Language
- - |
    
    French
  - |
    
    Spanish

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

Executive summary:

Methodologies

Corporate Rating Methodology - Hotel Sector

Return to the rating page