Hispanotels Inversiones Socimi S.A. (YHSP.MC) fair value

ACCE thesis

Hispanotels Inversiones Socimi owns and operates hotel real estate in Spain, leasing its properties to hotel operators rather than running them, which explains the 99.7% gross margin and 80.2% operating margin on the data we have. The structure is a Spanish SOCIMI, a REIT-style vehicle with a tax regime that requires distributing most earnings, so the return case rests on rental income and asset values rather than hotel occupancy swings. At an 11.3x trailing P/E and a 15.8% ROE, the stock is priced below what its profitability would imply if the earnings base holds, while revenue growth of 3.5% is modest and offers no obvious acceleration. The company is small at roughly 96M EUR market cap with no index membership, so liquidity and coverage are thin and the discount may partly reflect that. The forward P/E is not available, so the next step is to pull the lease terms, the rental escalators and the distribution history before deciding whether the discount is structural or simply neglect.