Accor : A good play on the recovery in European and international travel over the coming months
>Further improvements to be expected in 2021 in terms of cash burn - Accor’s 2020 results came out in line and were hit very hard indeed by the travel restrictions introduced on account of the pandemic. Nonetheless, the group surprised on the upside as regards its cash burn, which almost halved in H2 to € 42m per month (vs € 79m in H1). The improvement is set to continue in 2021 (ODDO BHF expects a neutral monthly cash position on average in 2021e) and should also ben...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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