Accor : Baptism of fire for Accor asset-light model
Like all travel-related players around the world, measures taken by countries to stem the Covid-19 epidemic will have unprecedented consequences on Accor which we believe risks losing nearly € 0.8bn in EBITDA this year and will probably take more than a year to return to its pre-crisis business levels. This situation weighs on the group's credit profile, even though it was well positioned in the investment grade category before, and we cannot rule out the risk that S&P and Fitch ...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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