Accor Benefits from a Healthy Travel Environment in Front of Its Owned Asset Sale
We plan to increase our EUR 38 fair value estimate for narrow-moat Accor (which assumes high-single-digit annual sales growth the next five years and relatively stable operating margins of around 20%) by a mid-single digit percentage to account for stronger economic activity through 2018 and the time value of money, leaving shares overvalued.In line with other recent hotel reports, Accor is benefiting from improving consumer and corporate confidence, witnessed in its 2017 revPAR growth of 4.7% ...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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