Accor : Disappointing H1 results but the outlook remains positive
>Disappointing H1 2022 EBITDA, out of synch with the top-line performance - Before trading yesterday, Accor reported H1 2022 results that came in below expectations for EBITDA (€ 205m, -7% vs consensus) whereas RevPAR growth produced a positive surprise (-11% vs 2019 vs consensus -16%). The group attributed this gap to the impact of significant marketing spending in H1 (which we estimate at several tens of millions of euros), which will not be repeated on the same sca...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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