Accor : H1 2020 results lower than we expected, but still a very solid liquidity position and another cost-savings plan
>H1 2020 results lower than expected, but liquidity position still solid - Revenues came to € 917m in H1 2020 (-52% reported), which is 14% below our forecast. RevPAR fell by -59.3% in H1, more steeply than we expected (-54%e), suggesting that the situation bottomed out in Q2 at -88.2% (consensus -85%, ODDO BHF -83%) after a -25% decline in Q1, penalised by the lockdown and by travel restrictions in most countries. EBITDA came out negative at -€ 227m in H1, well below...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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