Accor S.A.

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.
  • TickerAC
  • ISINFR0000120404
  • ExchangeEuronext Paris
  • SectorTravel & Leisure
  • CountryFrance

Analysts

The loss of a fundamental star by ACCOR does not prevent it from improving to an overall Slightly Positive

ACCOR (FR), a company active in Hotels, improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) from the title, which now shows 3 out of 4 stars; conversely, its market behaviour remains table and can be still described as moderately risky. The loss of a star(s) core is inconsequential since theScreener revises upgrades the general evaluation of the value to Slightly Positive. As of the analysis date November 12, 2019, the closing price was EUR 38.51 and its potential was estimated at EUR 42.96.

Emira Sagaama ...
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/11/2019

...

Emira Sagaama ...
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/11/2019

...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR France at -3.6% in October, the month with the least flattering comparison base - Negative read-across but already factored in for Accor

>RevPAR down 3.6% in October, demanding comparison base - RevPAR in France was down by 3.6% in October 2019 (vs October 2018) according to preliminary data published by OlaKala, impacted by a 3.3% decline in hotel rates, whilst occupancy rates were more or less stable (-0.2 points). This was a disappointing performance, although unsurprising as the base of comparison was particularly difficult (+12.4% in October 2018). RevPAR in October nonetheless increased in the pr...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR France à -3.6% en octobre, mois ayant la base de comparaison la plus dure de l’année – Read across négatif mais déjà intégré pour Accor

>RevPAR en recul de 3.6% en octobre, base de comparaison difficile - Les RevPAR France sont en baisse de 3.6% en octobre 2019 (vs octobre 2018) selon les données préliminaires publiées par OlaKala, impactés par un recul des prix de 3.3% alors que les taux d’occupation sont quasi-stables (-0.2 pt). Il s’agit d’une performance décevante mais néanmoins peu surprenante, la base de comparaison étant particulièrement difficile (+12.4% en octobre 2018). Les RevPAR en octobre...

Bruno de La Rochebrochard

ACCORHOTELS | BUY | EUR53

ACCORHOTELS | BUY | EUR53 Strong Q3 revenue expected with FY 2018 EBITDA guidance that could be upgraded Q3 revenue set to be largely sustained by RevPAR in Europe FY guidance that could be upgraded A valuation that still looks conservative

Delphine Chauvin

Accor : Titre de l’étude : ne pas dépasser plus de 2 lignes

>Titre 1 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 2 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 3 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellul...

Delphine Chauvin

Accor : Test it be

>Titre 1 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 2 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 3 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellul...

Delphine Chauvin

Accor : Test it be

>Titre 1 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 2 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 3 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellul...

Anne-Barbara Nicco, CFA ...
  • Carole Braudeau
  • Delphine Chauvin
  • Laure Nottet
  • Maxime Kogge
  • Pierre François Merveille
  • Tony Lebon

Accor : Feedback from Bond issuers

Our annual Forum in Lyon brought together 260 companies (vs. 254 in 2017), including 41% of foreign companies, nearly 425 investors (39% foreigners), almost 6,350 one-to-one meetings. - This document gathers a brief feedback from the bond issuers in attendance. - - - - >Investment Grade : Accorhotels, Aéroports de Paris, Arkema, Aroundtown, Carmila, Easyjet, Edenred, Foncière des Régions, HeidelbergCement, Icade, Imerys, Klépierre, LEG Immobilien, Lufthansa, MTU Aero Engines, Solvay, Thalès, Valeo, Veolia, Wendel - High Yield : Buzzi Unicem, Corestate Capital Holding, DEMIRE, Elior, Elis, E...

Anne-Barbara Nicco, CFA ...
  • Carole Braudeau
  • Delphine Chauvin
  • Laure Nottet
  • Maxime Kogge
  • Pierre François Merveille
  • Tony Lebon

Accor : Feedback from Bond issuers

Our annual Forum in Lyon brought together 260 companies (vs. 254 in 2017), including 41% of foreign companies, nearly 425 investors (39% foreigners), almost 6,350 one-to-one meetings. - This document gathers a brief feedback from the bond issuers in attendance. - - - - >Investment Grade : Accorhotels, Aéroports de Paris, Arkema, Aroundtown, Carmila, Easyjet, Edenred, Foncière des Régions, HeidelbergCement, Icade, Imerys, Klépierre, LEG Immobilien, Lufthansa, MTU Aero Engines, Solvay, Thalès, Valeo, Veolia, Wendel - High Yield : Buzzi Unicem, Corestate Capital Holding, DEMIRE, Elior, Elis, E...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR France at -3.6% in October, the month with the least flattering comparison base - Negative read-across but already factored in for Accor

>RevPAR down 3.6% in October, demanding comparison base - RevPAR in France was down by 3.6% in October 2019 (vs October 2018) according to preliminary data published by OlaKala, impacted by a 3.3% decline in hotel rates, whilst occupancy rates were more or less stable (-0.2 points). This was a disappointing performance, although unsurprising as the base of comparison was particularly difficult (+12.4% in October 2018). RevPAR in October nonetheless increased in the pr...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR France à -3.6% en octobre, mois ayant la base de comparaison la plus dure de l’année – Read across négatif mais déjà intégré pour Accor

>RevPAR en recul de 3.6% en octobre, base de comparaison difficile - Les RevPAR France sont en baisse de 3.6% en octobre 2019 (vs octobre 2018) selon les données préliminaires publiées par OlaKala, impactés par un recul des prix de 3.3% alors que les taux d’occupation sont quasi-stables (-0.2 pt). Il s’agit d’une performance décevante mais néanmoins peu surprenante, la base de comparaison étant particulièrement difficile (+12.4% en octobre 2018). Les RevPAR en octobre...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Azza Khalfallah
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Jerôme Bodin
  • Johanna Jourdain
  • Sylvain Goyon, CFA
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/21/2019

Whilst we continue to think that the durable outperformance conditions (growth, rise in interest rates) of value are not present, we nonetheless acknowledge that the market is what it chooses to believe. At present, it is considering a rotation in favour of value. Our basic model for explaining the growth/value performance, provides a glimpse for the first time since 2011 (!) of a shift (H1 2020) in favour of value. Caution is the byword, but meanwhile we reiterate our advice of 16 Se...

Ahmed Ben Salem ...
  • Azza Khalfallah
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Yassine Batini

ODDO BHF Small & MIDCAP MORNING NEWS - 10/21/2019

...

Ahmed Ben Salem ...
  • Azza Khalfallah
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Yassine Batini

ODDO BHF Small & MIDCAP MORNING NEWS - 21/10/2019

...

1 director sold

A director at Accor sold 113,374 shares at 38.601EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Emira Sagaama ...
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/11/2019

...

Emira Sagaama ...
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/11/2019

...

Christophe-Raphaël Ganet ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/10/2019

...

Christophe-Raphaël Ganet ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/09/2019

Depuis notre étude du 6 mai dernier « favoriser l’innovation et le recentrage Pharma », le Stoxx 600 Healthcare a progressé de 8.7% vs -0.4% pour le Stoxx 600. Cette performance est notamment expliquée par des publications du S1 de bonne facture. Cependant tributaire des annonces de reformes potentielles de la santé américaine, nous considérons toujours que le secteur devrait rester volatil dans ces prochains mois. Nous maintenons dans ce contexte notre préférence pour AstraZeneca (PE...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2019

After a remarkable performance (+42.5%) since its addition into our Large Caps Convictions List, we are taking our profits on MTU Aero Engines. Since its launch (8 January), the ODDO Large Caps Convictions List posted, at 1 August, a performance (dividends reinvested) of 18% vs 15.3% for the Stoxx 600. Enjoy your summer holidays, ODDO BHF Strategy will be back on the week of 26 August. - - ...

The loss of a fundamental star by ACCOR does not prevent it from improving to an overall Slightly Positive

ACCOR (FR), a company active in Hotels, improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) from the title, which now shows 3 out of 4 stars; conversely, its market behaviour remains table and can be still described as moderately risky. The loss of a star(s) core is inconsequential since theScreener revises upgrades the general evaluation of the value to Slightly Positive. As of the analysis date November 12, 2019, the closing price was EUR 38.51 and its potential was estimated at EUR 42.96.

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Delphine Chauvin

Accor : Blackstone rumoured to be eyeing Accor

Publication date 15/07/2019 08:11 - Writing date 15/07/2019 08:07 - / - - - - - - - Equity data - Reco : Buy - Target : 40 EUR - Equity Analyst: Johanna Jourdain - - +33 (0)1 55 35 42 63 - Corporate Governance: Moderate risk (3) - / - / - - - - - - - - - - - - - - - - - - - - The UK-based financial information blog Betaville has reported mounting that Accor may be a takeover target. Notably, private equity fund Blackstone is reportedly eyeing the group, possibly ...

Delphine Chauvin

Accor : Rumeur d’un intérêt de Blackstone pour Accor

Selon le blog financier Betaville, Accor pourrait faire l’objet d’une offre de rachat. Le fonds Blackstone aurait été cité comme étant intéressé, éventuellement dans le cadre d’un consortium qui pourrait aussi impliquer Intercontinental (IHG). Betaville a néanmoins précisé qu’il s’agit d’une rumeur non vérifiée par ses soins et que ces informations pourraient être complètement infondées. - A ce stade, il n’est pas certain que cette rumeur soit crédible. Néanmoins, si tel était le ...

Delphine Chauvin

Accor : Back on the bond markets

Accorhotels plans to issue two new bonds – a hybrid instrument and a senior unsecured note – to finance the early redemption of a portion of its existing hybrid bonds (callable in 2020) and its 2.625% 2021 senior unsecured bonds. - Price-talks have just been tightened: ms+145/150bp for the new 7Y senior notes and 4.50/4.625% yield for the new Perpetual NC24 notes. - In this report, we take the opportunity to update our view on this issuer. - - >Support factors - - Accorh...

Delphine Chauvin

Accor : De retour sur les marchés obligataires

Accorhotels propose d’émettre deux nouvelles souches obligataires, une hybride et une senior unsecured, qui permettront de couvrir le remboursement anticipé d’une partie de ses obligations hybrides existantes (callable en 2020) et de ses obligations classiques 2021. - Le price-talk vient d’être révisé en baisse : ms+145/150bp proposé pour la nouvelle souche senior 2026 et un yield de 4.50/4.625% pour la nouvelle hybride 2024. - Nous profitons de l’occasion pour refaire le point sur...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

MarketLine Department

Warimpex Finanz- und Beteiligungs AG - Strategy, SWOT and Corporate Finance Report

Summary Warimpex Finanz- und Beteiligungs AG - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Warimpex Finanz-und Beteiligungs AG (WFB) is a real estate development and investment company focused on hotel properties. The company manages and invests in hotel properties across Central and Eastern Europe. The company manages hotels under the brand name of InterContin...

MarketLine Department

Melia Hotels International SA - Strategy, SWOT and Corporate Finance Report

Summary Melia Hotels International SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Melia Hotels International SA (Melia), formerly known as Sol Melia, SA, is a hospitality company. It owns and operates a network of hotels worldwide. The company operates hotels under various brands including Melia, ME by Melia, Gran Melia, Circle by Melia, Innside, Tryp by Wynd...

MarketLine Department

International Hotel Investments plc - Strategy, SWOT and Corporate Finance Report

Summary International Hotel Investments plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights International Hotel Investments plc (IHI), a subsidiary of Corinthia Palace Hotel Company Ltd (CPHCL), is a diversified holding company with key operations in hotel industry. It acquires, develops, owns and manages five-star hotels in Europe, Africa, and the Middle East. T...

MarketLine Department

Casa de Bucovina - Club de Munte SA - Strategy, SWOT and Corporate Finance Report

Summary Casa de Bucovina - Club de Munte SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Casa De Bucovina-Club De Munte SA (Bucovina), a subsidiary of SIF Muntenia SA, is an operator of a luxury hotel. It offers travel, accommodation, catering, recreational and leisure services.It also acts as event planner and manages weddings, cocktail parties, conferences a...

MarketLine Department

Marriott International Inc - Strategy, SWOT and Corporate Finance Report

Marriott International Inc - Strategy, SWOT and Corporate Finance Report Summary Marriott International Inc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Marriott International, Inc. (Marriott) is a hospitality service provider that operates hotels and restaurants. It operates, franchises and licenses hotels, residential and timeshare properties under several...

Jehanne Leroy

Accor - Assemblée générale des actionnaires du 30 avril 2019

RémunérationsLa société fait partie des rares sociétés du CAC 40 à ne pas communiquer les taux de réalisations de chacun des critères financiers du bonus annuel. Ainsi, bien que les montants en jeu cette année soient plutôt acceptables, ce manque de communication ne permet pas une compréhension parfaite des montants attribués et nous ne soutenons donc pas les rémunérations attribuées au titre de 2018 au Président Directeur général et au Directeur Général Délégué (résolutions 17 et 18). Cependant, dans la politique de rémunération 2019, la société propose un changement de taille : il est propos...

Accor – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 20/04/2018

Les actionnaires sont réunis afin d'approuver notamment la seconde étape du plan Booster, c'est à dire la cession de 55% du capital d’AccorInvest à des investisseurs tiers (Public Investment Fund (PIF, fonds souverain d’Arabie Saoudite), GIC Private Limited (fonds souverain de Singapour), Crédit Agricole Assurances, Colony NorthStar, Amundi Immobilier et d’autres. Bien que la valeur d’entreprise (6,25 Mds€) soit moindre que celle annoncée l’an dernier (6,6 Mds€ au 31 décembre 2016 d’après le Document de référence 2016), et donc que l’opération soit moins avantageuse qu’initialement prévu, les...

Jehanne Leroy

Etude de l'AG du 30/06/2017

Shareholders are called to approve the first step of the "Booster" plan, i.e. the Asset Contribution by way of spin-off from Accor to its subsidiary AccorInvest. Assets to be sold are part of the HotelInvest activity of Accor. The ultimate purpose of the internal reorganization is to permit Accor to contribute its AccorInvest shares and the shares to be received in this Contribution-Demerger to AccorInvest Group. The aim is for the majority of AccorInvest Group's shares to be held by outside investors by December 31, 2018 at the latest. Although some risks have been identified, the global op...

Jehanne Leroy

Etude de l'AG du 30/06/2017

Les actionnaires sont extraordinairement réunis afin d'approuver la première étape du plan Booster, c'est à dire l’Apport Partiel d'Actifs aux termes duquel Accor apporte à sa filiale AccorInvest l'ensemble des activités regroupées au sein du pôle HotelInvest. La finalité du plan Booster est l’apport à la société AccorInvest Group par Accor des titres AccorInvest déjà détenus et ceux reçus en rémunération. Enfin, la vocation finale d’AccorInvest Group est d’être détenue majoritairement par des investisseurs dont l’entrée devra avoir lieu au plus tard le 31 décembre 2018. Bien que l'opération ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Squarely in the neutral camp At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. • We need to see more from cyclical value. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market (e.g., Materials, Energy, banks, major autos & parts, etc.)... see page 2. • Indicators supportive of a neutral outlook. Sever...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Jérôme VINERIER

Short term view - ACCOR SA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €41.17. The next target is at €37.66, then €36.89. Passing €41.17 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ACCOR SA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 41,17 € prochainement. Le prochain objectif est à 37,66 €, puis 36,89 €. Le franchissement de 41,17 € remettrait en cause la suite de la baisse.

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