Pierre et Vacances - Local hero
Pierre et Vacances is successfully repositioning itself under new management in the increasingly popular market of local and environmentally friendly tourism. After last year’s restructuring, premiumisation of established brands, higher-than-expected cost savings, developing ancillary spend and portfolio rationalisation helped to deliver FY23 EBITDA well above latest guidance (€137m vs €130m+) and 30% up year-on-year, adjusted for COVID-19 support in FY22. Early indications for the current year are also positive, driving guidance of EBITDA of €145–150m, backed by clear guest satisfaction with upscaling and further efficiencies. This may be cautious if the loss-making operating leases of Seniorales are excluded (sale imminent), thereby reducing consensus FY24e EV/EBITDA of under 5x.Pierre & Vacances is engaged in the market of local tourism by operating apartments and homes, or beds, located primarily in France (in mountain, seaside and countryside resorts, cities and the French West Indies), as well as in the Netherlands, Germany, Belgium, Italy and Spain. Co. develops its activities through two lines of business: the Property Development business (building and marketing of the residences and villages in France, Italy and Spain) and the Tourism business (operating and marketing of holidays in residences and villages under the Pierre & Vacances, Maeva, Adagio, Residences MGM, Hotels Latitudes, Center Parcs Europe and Sunparks brands).
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