Pierre & Vacances : H1 underlying operating profit below forecast penalised by the property division and Village Nature Target price cut to € 48
>An H1 underlying operating loss of -€ 94.9m (vs -€ 81.9m est.) i.e. +€ 1.1m y-o-y - For H1 (Sept-Mar.), Pierre&Vacances has published figures that fell below our forecasts. For sales (already published) of € 654.8m (+6.5% y-o-y), the group reported an underlying operating loss of € 94.9m, representing a y-o-y improvement of € 1.1m, but below our forecast (-€ 80.4m est.), with -€ 86.4m at the tourism business and -€ 8.5m for the property division.Notably, after f...Pierre & Vacances is engaged in the market of local tourism by operating apartments and homes, or beds, located primarily in France (in mountain, seaside and countryside resorts, cities and the French West Indies), as well as in the Netherlands, Germany, Belgium, Italy and Spain. Co. develops its activities through two lines of business: the Property Development business (building and marketing of the residences and villages in France, Italy and Spain) and the Tourism business (operating and marketing of holidays in residences and villages under the Pierre & Vacances, Maeva, Adagio, Residences MGM, Hotels Latitudes, Center Parcs Europe and Sunparks brands).
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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