Accor S.A.

Accor is a hotel operator. Co. offers its guests and partners the expertise of a hotel operator and brand franchisor (HotelServices) and a hotel owner and investor (HotelInvest). Co. divides its activities into three segments: Luxury-upscale, Midscale and Economy. Luxury-upscale makes up 11% of Co.'s portfolio and comprises brands such as Sofitel, Pullman, MGallery, and Grand Mercure; Midscale makes up 43% of its portfolio and comprises the Novotel, Suite Novotel, Mercure and Adagio brands; and Economy makes up 46% the Co.'s portfolio, comprising the brands ibis, ibis Styles, ibis budget and hotelF1. At Dec 31 2013 Co. operated around 3,600 hotels and 460,000 rooms in 92 countries.
  • TickerAC
  • ISINFR0000120404
  • ExchangeEuronext Paris
  • SectorTravel & Leisure
  • CountryFrance
Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

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Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2020

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Johanna Jourdain ...
  • Matthias Desmarais

Accor : Feedback from virtual RS (USA/UK): business gradually picking up, even though visibility remains poor for the short term

>Opportunities will emerge from this crisis, such as Travelodge - Current conditions are putting strain on the most fragile operators (e.g. those carrying a lot of debt and independent operators). Such situations could eventually create opportunities for asset-light hotel chain operators which would be able to fold such hotels into their franchise networks rapidly.Accor is currently working on a deal with hotel owners operating under the Travelodge brand (the no....

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Feedback de RS virtuel (USA/RU) : reprise graduelle de l’activité, même si le manque de visibilité demeure à court terme

>Des opportunités vont apparaître à l’issue de cette crise, à l’instar de Travelodge - Le contexte actuel crée des situations de stress pour les opérateurs les plus fragiles (lourdement endettés et indépendants par exemple). Ces situations pourraient à terme créer des opportunités pour les hôteliers de chaine asset light, notamment via des conversions rapides d’hôteliers vers leur réseau de franchisés.Accor travaille ainsi actuellement sur un accord avec des prop...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : H1 2020 results lower than we expected, but still a very solid liquidity position and another cost-savings plan

>H1 2020 results lower than expected, but liquidity position still solid - Revenues came to € 917m in H1 2020 (-52% reported), which is 14% below our forecast. RevPAR fell by -59.3% in H1, more steeply than we expected (-54%e), suggesting that the situation bottomed out in Q2 at -88.2% (consensus -85%, ODDO BHF -83%) after a -25% decline in Q1, penalised by the lockdown and by travel restrictions in most countries. EBITDA came out negative at -€ 227m in H1, well below...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Squarely in the neutral camp At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. • We need to see more from cyclical value. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market (e.g., Materials, Energy, banks, major autos & parts, etc.)... see page 2. • Indicators supportive of a neutral outlook. Sever...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Jérôme VINERIER

Analyse court terme - ACCOR SA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 41,17 € prochainement. Le prochain objectif est à 37,66 €, puis 36,89 €. Le franchissement de 41,17 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - ACCOR SA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €41.17. The next target is at €37.66, then €36.89. Passing €41.17 would question the continuation of the fall.

Bruno de La Rochebrochard

ACCORHOTELS | BUY | EUR53

ACCORHOTELS | BUY | EUR53 Strong Q3 revenue expected with FY 2018 EBITDA guidance that could be upgraded Q3 revenue set to be largely sustained by RevPAR in Europe FY guidance that could be upgraded A valuation that still looks conservative

Accor: 2 directors bought

Two Directors at Accor bought 60,000 shares at between 22.987EUR and 23.097EUR. The significance rating of the trade was 98/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Feedback from virtual RS (USA/UK): business gradually picking up, even though visibility remains poor for the short term

>Opportunities will emerge from this crisis, such as Travelodge - Current conditions are putting strain on the most fragile operators (e.g. those carrying a lot of debt and independent operators). Such situations could eventually create opportunities for asset-light hotel chain operators which would be able to fold such hotels into their franchise networks rapidly.Accor is currently working on a deal with hotel owners operating under the Travelodge brand (the no....

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Feedback de RS virtuel (USA/RU) : reprise graduelle de l’activité, même si le manque de visibilité demeure à court terme

>Des opportunités vont apparaître à l’issue de cette crise, à l’instar de Travelodge - Le contexte actuel crée des situations de stress pour les opérateurs les plus fragiles (lourdement endettés et indépendants par exemple). Ces situations pourraient à terme créer des opportunités pour les hôteliers de chaine asset light, notamment via des conversions rapides d’hôteliers vers leur réseau de franchisés.Accor travaille ainsi actuellement sur un accord avec des prop...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : H1 2020 results lower than we expected, but still a very solid liquidity position and another cost-savings plan

>H1 2020 results lower than expected, but liquidity position still solid - Revenues came to € 917m in H1 2020 (-52% reported), which is 14% below our forecast. RevPAR fell by -59.3% in H1, more steeply than we expected (-54%e), suggesting that the situation bottomed out in Q2 at -88.2% (consensus -85%, ODDO BHF -83%) after a -25% decline in Q1, penalised by the lockdown and by travel restrictions in most countries. EBITDA came out negative at -€ 227m in H1, well below...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Résultats S1 2020 inférieurs à nos attentes, mais liquidité toujours très solide et nouveau plan d’économies de coûts

>Résultats S1 2020 inférieurs, mais liquidité toujours très solide - Le CA est ressorti à 917 M€ au S1 2020 (-52% en publié), soit 14% en-dessous de nos attentes. Les RevPAR sont en recul de -59.3% au S1, inférieurs à nos attentes de -54%, suggérant un point bas au T2 à -88.2% (consensus -85%, ODDO BHF -83%) après -25% au T1, pénalisé par le confinement et les restrictions de voyage dans la plupart des pays. L’EBITDA ressort en perte de 227 M€ au S1, significativement...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : What to expect from H1 2020 earnings?

>RevPAR set to bottom out in Q2 at -83%e - Accor is due to report its H1 2020 results on 4 August after trading. We expect revenues of € 1.065bn, down 45% on a reported basis and including a negative scope effect from the deconsolidation of the leasing assets of Mövenpick, divested at end-2019. Q2 is set to see business bottom out, with a significant impact from the lockdown measures implemented in most countries and the travel restrictions in force for nearly the wh...

Delphine Chauvin

Accor : Baptism of fire for Accor asset-light model

Like all travel-related players around the world, measures taken by countries to stem the Covid-19 epidemic will have unprecedented consequences on Accor which we believe risks losing nearly € 0.8bn in EBITDA this year and will probably take more than a year to return to its pre-crisis business levels. This situation weighs on the group's credit profile, even though it was well positioned in the investment grade category before, and we cannot rule out the risk that S&P and Fitch ...

Delphine Chauvin

Accor : Baptême du feu pour le modèle « asset light » développé par Accor

Comme tous les acteurs liés aux voyages dans le monde, les mesures prises par les pays pour endiguer l’épidémie de Covid-19 vont avoir des conséquences sans précédent sur Accor, qui risque, selon nous, de perdre près de 0.8 md EUR d’EBITDA cette année et mettra probablement plus d’un an à retrouver son niveau d’activité d’avant la crise. Cette situation pèse sur son profil de crédit, qui était pourtant bien positionné en catégorie Investment Grade, et nous ne pouvons exclure le r...

Delphine Chauvin

Accor : Titre de l’étude : ne pas dépasser plus de 2 lignes

>Titre 1 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 2 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 3 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellul...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 06/12/2019 - € Corporate hybrides

€ Corporate hybrides : Un marché toujours attractif avec de nombreux rachats de titres en 2019 Australia & New Zealand Banking : Doit augmenter son CET1 de $A4,5 mds d’ici 2027 Swiss Re : Cède sa filiale ReAssure à Phoenix Group pour £3,25 mds Accor (Achat) : Cède 5% du capital du groupe hôtelier Huazhu Group pour $451m BP (Achat) : Augmente sa participation dans Lightsource BP à 50% Glencore (Conserver) : Fait l’objet d’une enquête au Royaume-Uni pour corruption K+S (Vente) : Moody’s abaisse et retire sa notation (Ba3) Expedia (A...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 19/11/2019 - Aroundtown - EN

Aroundtown (O/P Vs M/P): Agrees On All Share Merger With TLG Immobilien (O/P) Erste Group Bank (O/P): Issued A New Tier 2 At Mid-Swap+130bps Accor (O/P): Sale of 5.2% of Its Subsidiary AccorInvest For €204m Casino (O/P on short term bonds, M/P on long term bonds): New €2bn Syndicated Credit Line ArcelorMittal (O/P): Completes The Acquisition of Essar Steel For $5.8bn Coty (O/P): Acquisition of 51% of The Kylie Jenner Group For $600m Volkswagen (O/P): Cuts Its 2016-2020 Forecast Orange (O/P Hybrid): Considers An IPO of Its Africa B...

Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

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Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2020

...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

Increased risk weighs on ACCOR, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of ACCOR (FR), active in the Hotels industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 12, 2020, the closing price was EUR 22.00 and its target price was estimated at EUR 20.90.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Accor - Assemblée Générale des actionnaires du 30 Juin 2020

Gouvernance La société propose le renouvellement de Sébastien Bazin, PDG. En termes de gouvernance, le bilan de M. Bazin est négatif puisque c’est sous sa présidence que le conseil a refusé le retour au principe « Une action – Une voix ». De plus, M. Bazin cumule un nombre excessif de mandats dans des sociétés cotées. En termes de performance boursière, le bilan est plutôt mitigé puisque si le cours d’Accor a bien progressé sous la direction de M. Bazin, il a toutefois sous-performé le CAC 40. En termes de performance environnementale, le bilan du groupe est bon. Au regard des impacts que la p...

Expert Corporate Governance Service (ECGS)

Accor - AGM 30 June 2020

 ITEM 4: The Company proposes the renewal of Sébastien Bazin, Chairman and CEO. In terms of governance, Mr. Bazin's record is negative since it was under his chairmanship that the board refused to restore the "One Share - One Vote" principle. Moreover, Mr. Bazin holds an excessive number of mandates in listed companies. In terms of stock market performance, his record is rather mixed, since although Accor's share price has progressed well under Mr. Bazin's leadership, it has underperformed the CAC 40. In terms of environmental performance, the group's performance is good. Considering the impac...

Jehanne Leroy

Accor - Assemblée générale des actionnaires du 30 avril 2019

RémunérationsLa société fait partie des rares sociétés du CAC 40 à ne pas communiquer les taux de réalisations de chacun des critères financiers du bonus annuel. Ainsi, bien que les montants en jeu cette année soient plutôt acceptables, ce manque de communication ne permet pas une compréhension parfaite des montants attribués et nous ne soutenons donc pas les rémunérations attribuées au titre de 2018 au Président Directeur général et au Directeur Général Délégué (résolutions 17 et 18). Cependant, dans la politique de rémunération 2019, la société propose un changement de taille : il est propos...

Accor – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 20/04/2018

Les actionnaires sont réunis afin d'approuver notamment la seconde étape du plan Booster, c'est à dire la cession de 55% du capital d’AccorInvest à des investisseurs tiers (Public Investment Fund (PIF, fonds souverain d’Arabie Saoudite), GIC Private Limited (fonds souverain de Singapour), Crédit Agricole Assurances, Colony NorthStar, Amundi Immobilier et d’autres. Bien que la valeur d’entreprise (6,25 Mds€) soit moindre que celle annoncée l’an dernier (6,6 Mds€ au 31 décembre 2016 d’après le Document de référence 2016), et donc que l’opération soit moins avantageuse qu’initialement prévu, les...

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