Accor : Accor should garner the most benefit from the vaccine in the asset-light hotel segment
>Positive newsflow on the vaccine: we are maintaining our preference for Accor in the asset-light hotel segment - Since the beginning of the COVID-19 crisis, Accor has underperformed the asset-light hotel segment (-26% y-o-y vs the sector at -1%), notably due to its greater exposure to Europe, where there has been no real homogeneity in the restrictions from one country to another. Accor has also been penalised by its greater exposure to management contracts (60%) 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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