Pierre & Vacances : Q3 revenues down 70.5%, encouraging trends in Q4 at P&V and CP, target price adjusted to € 20
>Q3 revenues down 70.5% to € 109.6m, beating expectations - P&V reported Q3 2020 revenues (April-June) ahead of expectations, down 70.5% YOY to € 109.6m (ODDO BHF estimates: € 42.1m), hard hit by the health crisis with the shutdown of all sites for two months and gradual recovery in June. The difference with our estimates is due to a better than expected performance in real estate. By division, we would note the following: 1/ In Tourism, Q3 revenues were stronger tha...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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