The Bullish Case:Covivio was hit hard during the COVID-19 pandemic as can be understood for a company who primarily holds investments in hotels. With the hospitality industry and global travel nearly completely shut down, hotels were left completely empty. Another large holding that Covivio is involved in is office space in France and Italy, which was another sector beaten down by the pandemic in two of the worst hit countries in Europe. The tailwinds are here for Covivio to reopen with a vengeance once COVID-19 has been placed under control. With cases decreasing in both France and Italy as of late, there is reason for optimism amongst investors. Much of this optimism is already baked into the price as it trades near its 52-week high, with anticipation for European travel reopening buoying other stocks like Intercontinental Hotels (LON:IHG) and Ryanair (LONG:RYA). The dividend yield is impressive with a 4.92% dividend usually paid annually to shareholders, rather than quarterly or even monthly like in the United States.