ACCOR: Return to “golden age†will take time | SELL vs. NEUTRAL | EUR31 vs. EUR47 (+11%)
ACCOR - SELL vs. NEUTRAL | EUR31 vs. EUR47 (+11%)Return to “golden age†will take time
Advantage for US players in the short term…
…...but supply attrition in Europe that could benefit the leaders
Our short- and medium-term RevPAR forecasts and the impact on results expectations
The group's balance sheet a reassuring factor
Our FV moves to EUR31
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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