Pierre & Vacances : FY 2017-18 sales slightly lower than expected, EBIT lowered following postponing of property programmes until 2019
>FY 2017-18 sales a shade below our expectations - P&V has reported FY 2017-18 sales of € 1,523m (+1.1% on a reported basis), a shade below our forecasts (€ 1,551m).For the tourism division, FY 2017-18 sales rose by 4.1% to € 1,357m (vs Oddo BHF’s estimate: € 1,378m), of which rental revenues totalled € 858m, i.e. +2.6% excl. the offer effect (+4.4% reported), underpinned by all tourist destinations and the recovery of Adagio (+7.1% over the full year). However, ...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.