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
Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Still Bullish, But Extended Near-Term Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been recommending adding exposure to cyclical Sectors and, despite them getting near-term extended, we believe these upside moves are likely just getting going. Additionally, the US dollar is breaking below support and EM equities are breaking above resistance, only adding to our bullish outlook on global equities. · US Dollar Breakdown & Its Implications On Global Equities. The US dollar (DXY) broke below its 200...

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...

Charles Lepetitpas ...
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/20/2020

Now that the ban on short-selling is lifted in Europe, we have used the screening method developed for our sector allocation and stock hierarchy for the Stoxx 600 to identify the stocks on which short positions are likeliest to be taken. We have cross-referenced these results with the Reduce recommendations of our analysts and the result is a list of 26 stocks we cover. - ...

Baptiste Lebacq ...
  • Charles Lepetitpas
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 05/20/2020

...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Still Bullish, But Extended Near-Term Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been recommending adding exposure to cyclical Sectors and, despite them getting near-term extended, we believe these upside moves are likely just getting going. Additionally, the US dollar is breaking below support and EM equities are breaking above resistance, only adding to our bullish outlook on global equities. · US Dollar Breakdown & Its Implications On Global Equities. The US dollar (DXY) broke below its 200...

Charles Lepetitpas ...
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/20/2020

Now that the ban on short-selling is lifted in Europe, we have used the screening method developed for our sector allocation and stock hierarchy for the Stoxx 600 to identify the stocks on which short positions are likeliest to be taken. We have cross-referenced these results with the Reduce recommendations of our analysts and the result is a list of 26 stocks we cover. - ...

Baptiste Lebacq ...
  • Charles Lepetitpas
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 05/20/2020

...

Charles Lepetitpas ...
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/05/2020

Alors que les restrictions aux ventes à découvert sont levées en Europe, nous avons souhaité tenter de déterminer, via la méthode de criblage développée pour l’établissement de notre allocation sectorielle et la hiérarchisation des valeurs du Stoxx 600, les titres les plus susceptibles de faire l’objet de prises de position short. Nous croisons ces résultats quantitatifs avec les recommandations négatives (Alléger) de nos analystes pour obtenir une liste de 26 titres au sein de notre ...

Baptiste Lebacq ...
  • Charles Lepetitpas
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 20/05/2020

...

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...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean Danjou
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2020

The impact of the pandemic will be strong: support measures will not be enough to avert a sharp increase in risk. However, current valuations (P/BV = 0.36x) underestimate the sector's resilience. The undifferentiated correction is an opportunity to bet on a more selective return to normal: upgrade to BUY for KBC and Amundi, downgrade to reduce for UBS, CS and ISP. - Cf. report published last evening. - ...

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 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...

Jehanne Leroy

Etude de l'AG du 30/06/2017

Shareholders are called to approve the first step of the "Booster" plan, i.e. the Asset Contribution by way of spin-off from Accor to its subsidiary AccorInvest. Assets to be sold are part of the HotelInvest activity of Accor. The ultimate purpose of the internal reorganization is to permit Accor to contribute its AccorInvest shares and the shares to be received in this Contribution-Demerger to AccorInvest Group. The aim is for the majority of AccorInvest Group's shares to be held by outside investors by December 31, 2018 at the latest. Although some risks have been identified, the global op...

Jehanne Leroy

Etude de l'AG du 30/06/2017

Les actionnaires sont extraordinairement réunis afin d'approuver la première étape du plan Booster, c'est à dire l’Apport Partiel d'Actifs aux termes duquel Accor apporte à sa filiale AccorInvest l'ensemble des activités regroupées au sein du pôle HotelInvest. La finalité du plan Booster est l’apport à la société AccorInvest Group par Accor des titres AccorInvest déjà détenus et ceux reçus en rémunération. Enfin, la vocation finale d’AccorInvest Group est d’être détenue majoritairement par des investisseurs dont l’entrée devra avoir lieu au plus tard le 31 décembre 2018. Bien que l'opération ...

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