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

1 director bought

A director at Accor bought 27,700 shares at 36.047EUR 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 membe...

Dan Wasiolek

Morningstar | Accor Investing Behind Its Brand Advantage, Supporting Long-Term Growth

We expect Accor to expand share in the hotel industry over the next decade as a result of its solid loyalty and exposure to the millennial traveler through its lifestyle brands, supporting its intangible brand asset advantage. As a result, we see mid-single-digit unit growth on average over the five years, followed by slower low-single-digit growth in our out-year forecasts, as we believe high exposure to economy/midscale (73% of total rooms) predominantly in urban locations exposes Accor to competitive threats from Airbnb and other alternative accommodations. Although we see Accor's share exp...

Dan Wasiolek

Accor Investing Behind Its Brand Advantage, Supporting Long-Term Growth

We may lift our EUR 41 fair value estimate for Accor by a low-single-digit percentage, given our increased confidence the company can achieve its 2022 EBITDA target of EUR 1.2 billion (versus our existing EUR 1.1 billion estimate), after it outlined areas it would invest proceeds garnered from the EUR 4.8 billion sale of owned assets in 2018. Accor plans to invest EUR 225 million to build its loyalty, partnerships, and brand marketing, which we see as prudent, and which we believe can generate i...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

...

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...

Dan Wasiolek

Morningstar | Accor Investing Behind Its Brand Advantage, Supporting Long-Term Growth

We expect Accor to expand share in the hotel industry over the next decade as a result of its solid loyalty and exposure to the millennial traveler through its lifestyle brands, supporting its intangible brand asset advantage. As a result, we see mid-single-digit unit growth on average over the five years, followed by slower low-single-digit growth in our out-year forecasts, as we believe high exposure to economy/midscale (73% of total rooms) predominantly in urban locations exposes Accor to competitive threats from Airbnb and other alternative accommodations. Although we see Accor's share exp...

Dan Wasiolek

Accor Investing Behind Its Brand Advantage, Supporting Long-Term Growth

We may lift our EUR 41 fair value estimate for Accor by a low-single-digit percentage, given our increased confidence the company can achieve its 2022 EBITDA target of EUR 1.2 billion (versus our existing EUR 1.1 billion estimate), after it outlined areas it would invest proceeds garnered from the EUR 4.8 billion sale of owned assets in 2018. Accor plans to invest EUR 225 million to build its loyalty, partnerships, and brand marketing, which we see as prudent, and which we believe can generate i...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR France at +2.6% in February, growth in Paris and the Paris region

>RevPAR in France up +2.6% in February, easing of the impact of the yellow vests movement - RevPAR France was up +2.6% in February 2019 (vs February 2018) according to the preliminary data published by OlaKala. The increase stems solely from the increase in average rates (+2.6%) whilst occupancy rates were stable (-0.1 points).This is a solid performance, given the very tough comparison base (RevPAR at +8.0% in February 2018) and the yellow vests movement which c...

Johanna Jourdain ...
  • Matthias Desmarais

Accor : RevPAR France à +2.6% en février, Paris et l’Ile de France en progression

>RevPAR France à +2.6% en février, tassement de l’impact Gilets jaunes - Les RevPAR France sont en hausse de +2.6% en février 2019 (vs février 2018) selon les données préliminaires publiées par OlaKala. La progression provient uniquement de la hausse des prix moyens (+2.6%) alors les taux d’occupation sont stables (-0.1 pt).Il s’agit d’une performance solide, compte tenu d’un effet de base très difficile (RevPAR à +8.0% en février 2018) et du mouvement des Gilets...

Bruno de La Rochebrochard

ACCORHOTELS: Feedback: Congratulations for these new initiatives but… | BUY | EUR51 vs. EUR53

ACCORHOTELS - BUY | EUR51 vs. EUR53 (+27%) Feedback: Congratulations for these new initiatives but… Further initiatives to sustain group expansion, but which will nevertheless weigh on short term EBITDA Cautious stance needed on short term RevPAR trend No surprise from the impact of IFRS 16 implementation We are confirming our positive view albeit with a lowered FV

1 director bought

A director at Accor bought 27,700 shares at 36.047EUR 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 membe...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

ACCOR sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ACCOR (FR), a company active in the Hotels industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 18, 2019, the closing price was EUR 39.02 and its potential was estimated at EUR 41.45.

Ng Adrian

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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...

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,...

MarketLine Department

InterContinental Hotels Group Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's InterContinental Hotels Group Plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by InterContinental Hotels Group Plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain...

MarketLine Department

TUI Group - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's TUI Group Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by TUI Group since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

MarketLine Department

Belmond Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Belmond Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Belmond Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights ...

AccorHotels- Assemblée générale des actionnaires du 30 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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 ...

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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