With the phase of gradual reopening, not only in Italy, Europe could experience an explosive recovery. Antonio De Negri, CEO and Founder of Cirdan Capital is convinced of this and states: “Europe represents the area with the greatest space for explosive recovery of consumption in the next two quarters”. According to him, the end of the pandemic will favor the recovery of consumption and outdoor activities, but only progressively, and, first at a domestic-local level, then at a more global level. The United Kingdom will start first, then progressively Northern Europe, and finally Italy.
Coming to the sectors, “we are positive in the travel and leisure sector but targeted; with the use of low cost and low emission airlines for leisure travel (not for business), first domestic and then international – indicates De Negri – On this front, we therefore like regional titles such as Jet2 and Ryanair among the airlines, first to benefit from continental flights, while in hotels we prefer Accor and Intercontiental, which have groups that cover different segments of tourists and have vast economies of scale in size ”.
For the resumption of life “away from home”, restaurants and theme parks, Cirdan Capital is positive on titles such as Restaurant Group and Heineken and on titles related to outdoor entertainment such as Cineworld Group and La Francaise Des Jeux. “But – explains De Negri – despite this recovery of external activities, we believe that gaming and software related to home-entertainment will remain central to the continuous improvement of in-house-leasure, which favors titles such as Ubisoft Entertainment and Frontier Developments”.