Meliá (XMAD:MEL, Financial) (~5%): Melia may be one of the most affected in the short term, but we think it will be temporary, since it has very moderate debt, it has the support of the value of its properties and that of a family that has always acted with a long-term vision. A valuation made by JLL, an independent appraiser, assigned a value to its real estate of ~€16/share. Even so, we have cut our valuation.
From Francisco Garcia Parames (Trades, Portfolio)' Cobas Asset Management Iberian Portfolio first-quarter 2020 commentary.
