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May 3 2019, 06:30 IST/BST
Five years on from its IPO, Dalata’s growth journey has just begun. As Ireland’s leading hotel operator, the group has also made significant progress on growing its UK presence. We see a clear track for Dalata to achieve 10k rooms in the UK from 2.4k today, and this report models that opportunity fully. Supported by our increased confidence on its strategy, we increase our price target to €7.50/share (implying 29% upside). Furthermore, we see an extra €0.50/share in value for outer years.