Margin RecoveryAs inflation normalises, companies that have suffered the most should enjoy some breathing space for margin recovery.
Market ConditionsStrong hotel data in Europe over the summer, a slight improvement in the US hotel data, corporate demand remaining robust, low supply growth in hotels, and occupancy still growing.
ValuationAt a 12.7x P/E for FY24E, SSP's valuation sits at a 50% discount to the pre-COVID PE multiple.