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

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...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Christophe Chaput ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/09/2019

...

Christophe Chaput ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/01/2019

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Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR in France in December up +2.7%, +7.3% in 2018

>RevPAR in France up +2.7% in December, impacted by the yellow vests movement - RevPAR in France was up 2.7% in December 2018 (vs December 2017) according to the preliminary data reported by OlaKala. Occupancy rates were down by 0.6 points and average daily rates were up by 3.8%.This was a modest performance which resulted from both a more demanding comparison base (RevPAR growth of +10.5% in December 2017) and the yellow vests movement which had a negative impac...

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

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...

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

Accor : Feedback Crédit Forum des 11 et 12 janvier 2018

Notre Forum annuel Oddo BHF 2018 vient de se dérouler à Lyon : il a réuni 260 sociétés (vs 254 en 2017) dont 41% étrangères, près de 525 investisseurs (39% étrangers), soit près de 6 350 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents. - - - - >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...

Delphine Chauvin

Accor : Play the Booster effect !

The Booster project is well under way and is slated for completion by summer. The transaction is expected to produce a major change at AccorHotels, creating value for shareholders. But it also expected to enhance the group's credit profile. Historically, management has always committed to maintaining an investment-grade rating, and with the spin-off of the property operations into subsidiaries, we believe the group stands a good chance of being upgraded to 'BBB'. It is with this in mind that we are moving to a Positive credit opinion and a Buy recommendation on the 2021, 2023 and 2024 ACFP not...

Delphine Chauvin

Accor : Jouons l’effet ‘Booster’ !

Le projet ‘Booster’ est bien engagé et devrait être bouclé d’ici cet été. Cette opération devrait grandement changer la physionomie d’AccorHotels, créant de la valeur pour l’actionnaire, mais cela devrait aussi avoir un impact positif sur le profil de crédit du groupe. Historiquement, le management s’est toujours engagé à conserver un rating Investment Grade, et avec la filialisation des activités foncières, nous estimons que la société a de bonnes chances d’être upgradée à BBB. Dans cette optique, nous adoptons une Opinion Crédit Positive et nous nous positionnons à l’Achat sur les obligation...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR in France in December up +2.7%, +7.3% in 2018

>RevPAR in France up +2.7% in December, impacted by the yellow vests movement - RevPAR in France was up 2.7% in December 2018 (vs December 2017) according to the preliminary data reported by OlaKala. Occupancy rates were down by 0.6 points and average daily rates were up by 3.8%.This was a modest performance which resulted from both a more demanding comparison base (RevPAR growth of +10.5% in December 2017) and the yellow vests movement which had a negative impac...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Feedback from US road show: focus on execution and finalising the asset-light transformation

>Doubling EBITDA by 2022 to € 1.2bn - AccorHotels confirmed that it aims to double EBITDA by 2022 (vs 2017), i.e. guidance of € 1.2bn, underpinned by: i/ the HotelServices division (3% of RevPAR growth on average per year, net system growth of 5%, cost savings), to generate EBITDA CAGR of 10/12%; ii/ the Hotel Assets division (EBITDA CAGR of +5/7% over 2017/2022), which does not at this stage include the plan to buy out the Orbis minorities and its asset-light trans...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Feedback roadshow US : focus sur l’exécution et finalisation de la transformation asset light

>Doublement de l’EBITDA d’ici 2022 pour atteindre 1.2 Md€ - AccorHotels a confirmé viser un doublement de son EBITDA à horizon 2022 (vs 2017) soit une guidance de 1.2 Md€ soutenue par : i/ la division HotelServices (3% de croissance des RevPAR en moyenne par an, net system growth de 5%, économies de coûts) permettant de dégager un TMVA EBITDA de 10/12% ; ii/ la division Hotel Assets (TMVA EBITDA de +5/7% sur 2017/2022), qui n’inclut pas à ce stade le projet de rachat ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Corby
  • Thomas Effler

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/07/2018

The fortification of the Alliance has been torpedoed and everyone is now asking whether it has a future. We think that status quo is the most likely scenario. Partners are gauging both the benefits of the Alliance and the risks of calling it into question. In any event, the Alliance will continue to deliver synergies in the medium term. Renault has embarked upon an ambitious and convincing 2018-2022 plan. The group’s track record is good. Enterprise value is close to zero and is set t...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : Solid RevPAR growth of +6.5% in France in November

>November RevPAR in France: +6.5%, +7.7% since the start of the year - Olakala has just published its first estimates for RevPAR in France in November. This looks very favourable at +6.5%, despite a demanding comparison base (+11.7% in November 2017). In Detail, RevPAR growth was driven by the increase in average prices (+5.6%), whilst occupancy rates have stabilised (+0.6 points). By region, Paris fared well with a +14.8% increase in RevPAR. This compares with +3.3% ...

A director sold 590,800 shares at 42.200EUR and

A director at Accor sold 590,800 shares at 42.200EUR 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 ...

Christophe Chaput ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/09/2019

...

Christophe Chaput ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/01/2019

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Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/10/2018

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/12/2018

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Anis Zgaya ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2018

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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...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

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 ...

Jehanne Leroy

Etude de l'AG du 05/05/2017

Under agenda item A, a shareholder resolution is proposed by Phitrust Active Investors which brought together 13 other investors. Together, these 14 co-filers own 2.3% of Accor's capital. It proposes to delete the double voting right provision from the articles of association. On the 19th of April, the Board lately and unanimously decided not to support this external proposal. Proxinvest has concerns about Board members failure to ensure fair equal treatment between shareholders and consequently we decide to revise our voting recommendations over the election of the Board members who decided t...

Jehanne Leroy

Etude de l'AG du 05/05/2017

Phitrust Active Investors, SICAV conseillée par Proxinvest, a inscrit avec 13 investisseurs co-déposants pesant 2,3% du capital, une résolution externe de suppression du droit de vote double ("résolution A"). Le conseil d'administration a décidé le 19 avril 2017 à l'unanimité de ne pas agréer cette résolution et de soutenir le droit de vote double remis aux actionnaires au nominatif après deux ans de détention. La décision unanime des administrateurs est regrettable et pose un sérieux problème de loyauté et de respect de l'intérêt de l'ensemble des actionnaires qui nous amène à réviser négativ...

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.

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 tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 37,66 €. La tendance de fond serait remise en cause en cas de franchissement de 41,17 €.

Jérôme VINERIER

Short term view - ACCOR SA : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €37.66. The background trend would be questioned should prices rise above €41.17.

Jérôme VINERIER

Analyse moyen terme - ACCOR SA : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 37,70 €, puis 35,10 €. Le franchissement de 49,00 € remettrait en cause la suite de la baisse.

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