Accor : Arrivée imminente d’un vaccin ou pas, Accor devrait mettre au moins deux ans à digérer l’impact de la crise sur ses ratios de crédit
Nous refaisons un point sur Accor après la publication du chiffre d’affaires du T3 20. Nos nouvelles prévisions de résultats pour cette année et l’an prochain sont bien plus conservatrices que les estimations que nous avions retenues dans notre Focus Crédit du mois de mai, reflétant un enlisement de la crise sanitaire, en particulier en Europe, qui devrait se prolonger, au moins, jusqu’à l’été prochain. Les annonces de ces derniers jours concernant la mise sur le marché de vaccin...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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