Accor : « Cash is key » : after one year of the covid-19 pandemic, Accor still has around € 3.9bn in liquidity to withstand the crisis
We take a fresh look at Accor after the release of its full-year results and the "Credit" video conference that we organised with the company. We are adjusting our Credit opinion to Stable from Negative, as the ratings downgrade to BB+ has been confirmed, and even though the recovery will be very gradual, we believe that the risk of a further downgrade is limited at this stage, as the cash burn is expected to be much more moderate this year (€ 10m per month according to our estim...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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