Accor : Feedback from the US road show: a ramp-up expected in H2 and significant asset monetisation to come
>The 2022 guidance is too cautious - Despite the solid rebound posted in H1 (EBITDA at € 205m), Accor has set a target of EBITDA above € 550m for the year 2022. This level represents a floor and looks very cautious in several respects, notwithstanding an uncertain economic and geopolitical context. Firstly, the RevPAR performance in H1 proved very close to that of 2019 (+0.6% l-f-l with a sharp contrast between Q1 and Q2). Secondly, despite strong inflation (not compl...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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