LEMONTRE reported a better than expected sales and EBITDA. Revenue grew 2.1x YoY in 3QFY22, led by robust (+109%) RevPAR growth on account of a 15pp improvement in occupancy and 54% growth in ARR. EBITDA surged 3.2x YoY, benefitting from operating leverage. We decrease our FY22E/FY23E EBITDA estimate by 14%/13%, factoring in...