Pierre & Vacances : Despite the gradual pick-up in activity, H2 will be severely affected by the health crisis – target price increased to € 22
>H1 2020 underlying operating result -€ 125.6m (vs -€ 118m est. and 1e€ 111.6m in H1 2019) - For H1 (October to March), Pierre & Vacances reported figures that fell slightly short of our forecasts. Based on H1 revenues (already reported) of € 696m (-5.7% y-o-y), the underlying operating result came to -€ 125.6m (vs -€ 118m est. and -€ 111.6m in H1 2019), including a negative impact of € 30m from the health crisis (revenue shortfall of € 31m). By division: 1/ the under...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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