Accor : A positive H1 2023 publication, positive catalysts still to come
>A robust H1, the pipeline and FCF generation are encouraging - Accor reported before trading yesterday H1 2023 results that were 2-3% above expectations. We note three encouraging elements in particular: 1/ tight cost control for services to owners, in line with the group’s commitments (small EBITDA contribution expected in 2023); 2/ growth in the pipeline, which now includes 217k rooms, with +5k rooms in Q2 with a strong roll-out observed notably in Asia-Pacific and...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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