Accor : Good 2018 results overshadowed by the marketing plan announcement
>Good FY2018 results undermined by the marketing plan announcement - In addition to solid RevPAR growth in 2018 at +5.6%, with Q4 accelerating to +6.1%, we welcome the maintained dividend of € 1.05, while the consensus was expecting a decline based on the guidance for a payout of 50% of recurrent FCF. Recurrent FCF generation itself benefited from a low level of capex in 2018 (3.4% of sales at € 124m vs normative guidance for capex of € 200/250m), thanks to softer-tha...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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