1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:11/09/2025 05:02:17 GMTDistributed on:11/09/2025 05:02:17 GMT11 September 2025Deutsche BankResearch Europe Leisure&Hotels Industry Hotels,TO,Catering and Vouchers Date Recommendation Change Autumn Outlook:Focus on Leisure/Resiliency or Attractive Valuat

2、ionA certain lack of visibility pushes for tougher arbitragesThe first eight months of 2025 confirmed more or less what we were expecting:lower US growth,relatively light northern Europe,solid southern Europe,Middle East and AsiaPac,except maybe China.In this context,the Stoxx Travel&Leisure underpe

3、rformed the Stoxx 600(-1.9%vs+8.4%,respectively).Our 14 large-cap stocks covered are down 2.9%.The travel and leisure sector has historically been a multiple of GDP growth.Although the autumn does not offer significant catalysts,we still expect companies to capture a decent level of growth with oper

4、ating leverage.Almost all groups have solid balance sheets.We believe groups exposed to the Leisure clientele should remain well-oriented(tour operators and Melia essentially).We also continue to play resilient and value stocks.Half of our stocks are trading at their average historical valuation mul

5、tiples,while some others,such as Melia,TUI,Jet2,Sodexo,Edenred and Pluxee,are clearly below.In addition to traditional Buy/Hold/Sell recommendations,we classify our stocks under three categories:(1)Top picks,(2)Other Buy and(3)Hold:1)Our top picks are Compass(upgraded to Buy from Hold;TP from 2,700p

6、 to 2,900p)and Whitbread(Buy;TP 3,750p).2)We have seven Buy recommendations with slightly more risky profiles,lower liquidity and/or fewer short-term catalysts,most offer attractive valuations:Edenred(Buy;TP to 45 from 49),Elior(Buy;TP 4.0),Melia(Buy;TP to 9.5 from 9.0),Pluxee(Buy;TP to 33 from 34),