Melia Hotels International (MEL.MC): valor razonable

Tesis ACCE

Melia Hotels International runs a multi-brand hotel portfolio across Spain, the Caribbean, Latin America and Europe, with resort and city properties under the Meliá, ME, Gran Meliá and Paradisus names, plus a franchise and management business that earns fees without owning the real estate. The asset-light mix is the structural point: management and franchise contracts carry recurring fee income and far less capital than owned hotels, which helps explain a 17.2% operating margin and a 17.1% ROE. Revenue growth of 8.7% sits alongside a forward P/E of 12.5 against a trailing 13.4, so the market is pricing in modest earnings growth rather than a re-rating. What makes it worth a look now is that a business with this margin profile and growth is trading at a low-teens multiple, and the company is not in any major index, which may keep coverage thin and the price less efficient. The obvious things to test are how much of the 8.7% growth is pricing versus room count, how exposed the Caribbean and Latin American resorts are to tourism shocks, and how much debt the owned assets carry.