Accor : Numerous uncertainties in the short term despite better fundamentals
>2021 results a shade better than expected - Despite the recovery that has been well underway since April 2021, RevPAR remained down 46% vs 2019 (-60% in H1 ODDO BHF -42.6% est.) but with average room rates down only 9.9% (-5.7% in the luxury and upscale segment). This implies sequential RevPAR growth of around 5% per month. Moreover, revenue was up 36% to € 2,204m, 3% above expectations due to an improved mix as well as a faster pace of growth of the portfolio (+3% n...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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