Accor : Imminent arrival of a vaccine or not, Accor should take at least two years to digest the impact of the crisis on its credit ratios
We are taking a fresh look at Accor after releasing its Q3 2020 sales. Our new earnings forecasts for this year and next are much more conservative than the estimates we used in our May Credit Focus, reflecting a stagnation of the health crisis, particularly in Europe, with this poor environment expected to continue, at least, until next summer. The announcements of recent days regarding the release of Covid-19 vaccines are obviously good news. That said, keep in mind that althou...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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