The author of the report is Grzegorz Kujawski. The first dissemination of the report took place on April 17 at 8.00. Br> Trigon DM indicates that the Orbis cash position allows for a larger pipeline, acquisitions and / or increasing the dividend yield. br> "Orbis maintains a very high conversion of EBITDA to OCF, and at the same time, despite planned ND / EBITDA'18 investments, we estimate at -0.1x (0.7x in the non-sale scenario of a hotel sale transaction in Budapest). both for accelerating the pipeline's growth, and the payout ratio of 30 per cent (DPS'17 recommended at PLN 1.6, DPR 32 per cent) justifies us in case of potential acquisitions, "the report wrote. br> Trigon estimates that in the first quarter Orbis had EBITDAR of PLN 56 million (-7 percent y / y). br> The analyst assumes that Orbis in the first quarter of 2018 had a higher by 6 percent. rdr base of rooms (own hotels -2 percent yr, managed / franchised +30 percent yr). He estimates that RevPAR own hotels has increased by 6 percent. yr, and other objects by 12 percent. rd. br> "The fall in the number of rooms in private hotels (-2% yoy) will reduce the dynamics of revenue growth to 4%, despite the increase in revenues from managed and franchised ones by 47% yoy," we read. br>
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