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

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Roland Pfaender
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2019

A plus de 3 écarts types de la moyenne 10 ans, l’écart de PE value-growth n’a jamais été aussi important. La rotation est-elle imminente ? Non si l’on parle d’une rotation « classique » car les moteurs de la surperformance de la croissance (érosion croissance BPA, taux faibles, ralentissement macro) sont encore allumés. Oui si l’on change de perspective en favorisant le segment « value » de l’univers croissance/ qualité. Notre scoring met en avant Personal & Household goods, Healthcar...

Alain William ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jeremy Garnier
  • Johanna Jourdain
  • Michael Foundoukidis
  • Nicolas David
  • Nicolas Thorez
  • Olivier Lebrun
  • Roland Pfaender
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 19/07/2019

La nouvelle stratégie, dont Ben Smith consolide actuellement méthodiquement les fondations, pourrait apporter un supplément net de 200 pb de marge EBIT (vs 4.6% en 2019) grâce à l’activation de leviers à la main du management à horizon 3 ans. Une adhésion des pilotes rendrait possible une évolution en profondeur et une appréciation des multiples avec un best case ajoutant 20 € à notre OC. Achat réitéré. Le titre fait partie de notre liste de Convictions large caps. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jeremy Garnier
  • Johanna Jourdain
  • Michael Foundoukidis
  • Nicolas David
  • Nicolas Thorez
  • Olivier Lebrun
  • Roland Pfaender
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/19/2019

The new strategy, the foundations of which Ben Smith is methodically consolidating, could add an extra 200bp of EBIT margin (vs. 4.6% in 2019) thanks to the activation of the levers in management’s hands over the next three years. Support from the pilots would facilitate a radical change and a re-rating with a best case adding € 20 to our target price. Buy recommendation reiterated. The stock is part of our Large Cap Convictions List. - - ...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2019

At over three standard deviations from the 10-year average, the P/E value-growth gap has never been so great. Is rotation imminent? Not if we speak about a “classic” rotation since the drivers causing growth to outperform (erosion in EPS growth, low rates and a macroeconomic slowdown) are still running. But the answer is yes if we change perspective by favouring the “value” segment of the growth-quality universe. Our scoring highlights personal & household goods, healthcare, oil, util...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : European hotels continue to turn in strong performances

>RevPAR up 8.1% in Europe - STR, a provider of hotel performance data in Europe, has just published the performance figures for hotels in the main European markets for June, and they are very good, in line with the performances since in recent months. RevPAR in western Europe (which encompasses the main markets except for the UK) rose 8.1%, compared with +4.3% for the first five months of the year YTD, in line with the average for 2018 at +4.5%. Occupancy rates were m...

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...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Roland Pfaender
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2019

A plus de 3 écarts types de la moyenne 10 ans, l’écart de PE value-growth n’a jamais été aussi important. La rotation est-elle imminente ? Non si l’on parle d’une rotation « classique » car les moteurs de la surperformance de la croissance (érosion croissance BPA, taux faibles, ralentissement macro) sont encore allumés. Oui si l’on change de perspective en favorisant le segment « value » de l’univers croissance/ qualité. Notre scoring met en avant Personal & Household goods, Healthcar...

Alain William ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jeremy Garnier
  • Johanna Jourdain
  • Michael Foundoukidis
  • Nicolas David
  • Nicolas Thorez
  • Olivier Lebrun
  • Roland Pfaender
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 19/07/2019

La nouvelle stratégie, dont Ben Smith consolide actuellement méthodiquement les fondations, pourrait apporter un supplément net de 200 pb de marge EBIT (vs 4.6% en 2019) grâce à l’activation de leviers à la main du management à horizon 3 ans. Une adhésion des pilotes rendrait possible une évolution en profondeur et une appréciation des multiples avec un best case ajoutant 20 € à notre OC. Achat réitéré. Le titre fait partie de notre liste de Convictions large caps. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Ayachi
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jeremy Garnier
  • Johanna Jourdain
  • Michael Foundoukidis
  • Nicolas David
  • Nicolas Thorez
  • Olivier Lebrun
  • Roland Pfaender
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/19/2019

The new strategy, the foundations of which Ben Smith is methodically consolidating, could add an extra 200bp of EBIT margin (vs. 4.6% in 2019) thanks to the activation of the levers in management’s hands over the next three years. Support from the pilots would facilitate a radical change and a re-rating with a best case adding € 20 to our target price. Buy recommendation reiterated. The stock is part of our Large Cap Convictions List. - - ...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2019

At over three standard deviations from the 10-year average, the P/E value-growth gap has never been so great. Is rotation imminent? Not if we speak about a “classic” rotation since the drivers causing growth to outperform (erosion in EPS growth, low rates and a macroeconomic slowdown) are still running. But the answer is yes if we change perspective by favouring the “value” segment of the growth-quality universe. Our scoring highlights personal & household goods, healthcare, oil, util...

Fehmi Ben Naamane ...
  • Johanna Jourdain

ODDO : European hotels continue to turn in strong performances

>RevPAR up 8.1% in Europe - STR, a provider of hotel performance data in Europe, has just published the performance figures for hotels in the main European markets for June, and they are very good, in line with the performances since in recent months. RevPAR in western Europe (which encompasses the main markets except for the UK) rose 8.1%, compared with +4.3% for the first five months of the year YTD, in line with the average for 2018 at +4.5%. Occupancy rates were m...

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...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf....

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/13/2019

Zurich Insurance is Europe’s fourth-largest composite insurer by premiums. Its balanced business mix offers good visibility on its capital generation. Furthermore, its structural profitability in P&C insurance is improving and it is on track to achieve its 2019 financial targets. However, the consensus seems to have already factored in the good operating momentum and upside for the share is limited. We therefore initiate coverage of the stock at Neutral. Cf. equity report published la...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/06/2019

Zurich Insurance est le 4ème assureur composite européen en termes de primes. Son mix d'activités équilibré offre une bonne visibilité sur sa génération de capital. De plus, sa rentabilité structurelle en assurance dommages est en amélioration et le groupe est en bonne voie pour atteindre ses objectifs financiers 2019. Pour autant les bonnes dynamiques opérationnelles nous semblent déjà intégrées par le consensus et le potentiel de hausse du titre est limité. Nous initions ainsi la co...

Antoine Boivin-Champeaux ...
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2019

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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

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...

MarketLine Department

Sunstar Holding AG - Strategy, SWOT and Corporate Finance Report

Sunstar Holding AG - Strategy, SWOT and Corporate Finance Report Summary Sunstar Holding 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. Key Highlights Sunstar Holding AG (Sunstar) owns and operates hotels in Switzerland. The company offers complete vacation packages to its customers. It provides baggage free hiking tours and round trips. The company offers a wide range of...

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 ...

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

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

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.

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