AccorHotels: Feedback CC and Contact: Some adjustments after H1 (
AccorHotels: (BUY, Fair Value EUR53 vs. EUR55 (+22%))Feedback CC and Contact: Some adjustments after H1
While the hotel business remained particularly strong and in line with our expectations, disappointment resulted from the virtual absence of operating leverage. Moreover, taking into account that new businesses should release a loss of the same order of magnitude as last year and all other things being equal, we reduce our FY EBITDA to EUR705m from EUR720m (Management guidance between EUR690 and EUR720m). So, following our earning adjustments and assuming a valuation at the average between our SOTP (EUR55) and our DCF (EUR50), we revised our FV to EUR53.
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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