An innovative growth strategy in a blessed industry
Despite the multiplication in digital intermediaries and momentum in alternative offers, hotel groups in the tourism industry all generated a record level of earnings in 2017. Prospects remain attractive with growth in tourist numbers gaining speed, underpinned by flows from new regions, especially China. However, changes prompted by technological developments (AI, IoT, Voice Technology or blockchain) are far from over, requiring groups to remain particularly innovative at the risk of being left behind. In this backdrop, AccorHotels boasts undeniable assets in the hotel industry. We have upgraded our FV to EUR55, the average between a DCF and an SOTP.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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