Pierre & Vacances

Pierre & Vacances is engaged in the market of local tourism by operating apartments and homes, or beds, located primarily in France (in mountain, seaside and countryside resorts, cities and the French West Indies), as well as in the Netherlands, Germany, Belgium, Italy and Spain. Co. develops its activities through two lines of business: the Property Development business (building and marketing of the residences and villages in France, Italy and Spain) and the Tourism business (operating and marketing of holidays in residences and villages under the Pierre & Vacances, Maeva, Adagio, Residences MGM, Hotels Latitudes, Center Parcs Europe and Sunparks brands).
  • TickerVAC
  • ISINFR0000073041
  • ExchangeEuronext Paris
  • SectorTravel & Leisure
  • CountryFrance

Analysts

Alexandre Iatrides ...
  • Baptiste Lebacq
  • Christophe Chaput
  • Hela Zarrouk
  • Jeremy Garnier
  • Johanna Jourdain

ODDO BHF Small & MIDCAP MORNING NEWS - 07/12/2019

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the turm...

Alexandre Iatrides ...
  • Baptiste Lebacq
  • Christophe Chaput
  • Hela Zarrouk
  • Jeremy Garnier
  • Johanna Jourdain

ODDO BHF Small & MIDCAP MORNING NEWS - 12/07/2019

Nous tablons sur un S1 2019 difficile, pénalisé par des effets de base et des conditions climatiques volatiles. Nous confirmons notre hiérarchie sectorielle, les prises de profits pré-publication pourraient permettre de se repositionner, à bon compte, sur le secteur des Matériaux alors que celui de la Construction/Concessions pourrait constituer un refuge. Saint-Gobain et Eiffage restent nos valeurs préférées. - Cf. étude publiée hier soir après la clôture. - ...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : Healthy Q3 2018/19 sales underpinned by solid performance at CP and Adagio - encouraging outlook for Q4

>Q3 2019 sales beat our expectations (€ 371.5m vs € 345.7me) - P&V reported Q3 2018/19 sales of € 371.5m, up 9.8% pro forma IFRS 15, ahead of our expectations (ODDO BHF € 345.7m). The beat relates mainly to the better-than-expected performance from Adagio and Village Nature. By division, Tourism sales (79% of the group total) advanced by 12.6% (pro forma IFRS 15) to € 335.3m (vs ODDO BHF € 312.3m), of which accommodation revenue of € 227.7m (5.5% l-f-l vs +4.2% i...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : Bonne tenue de l’activité au T3 soutenue par une solide performance chez CP et Adagio – Perspectives encourageantes au T4

>CA T3 2019 supérieur à nos attentes (371.5 M€ vs 345.7 M€e) - P&V a publié un CA T3 19 de 371.5 M€, en hausse de 9.8% pro forma IFRS 15, supérieur à nos attentes (ODDO BHF 345.7 M€). L’écart avec nos estimations s’explique essentiellement par une performance meilleure qu’attendu chez Adagio et Village Nature. Par division, le CA Tourisme (79% du CA groupe) progresse de 12.6% (pro forma IFRS 15) à 335.3 M€ (vs ODDO BHF 312.3 M€), dont un CA Location de 227.7 M€ (...

Antoine Augier de Lajallet ...
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Nicolas David
  • Salma Bouraoui
  • Vincent Baron
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/31/2018

...

Antoine Augier de Lajallet

Pierre & Vacances : H1 underlying operating profit below forecast penalised by the property division and Village Nature Target price cut to € 48

>An H1 underlying operating loss of -€ 94.9m (vs -€ 81.9m est.) i.e. +€ 1.1m y-o-y - For H1 (Sept-Mar.), Pierre&Vacances has published figures that fell below our forecasts. For sales (already published) of € 654.8m (+6.5% y-o-y), the group reported an underlying operating loss of € 94.9m, representing a y-o-y improvement of € 1.1m, but below our forecast (-€ 80.4m est.), with -€ 86.4m at the tourism business and -€ 8.5m for the property division.Notably, after f...

Antoine Augier de Lajallet ...
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Nicolas David
  • Salma Bouraoui
  • Vincent Baron
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 31/05/2018

...

Antoine Augier de Lajallet

Pierre & Vacances : ROC S1 sous les attentes, pénalisé par l’Immobilier et Village Nature. TP abaissé à 48€

>ROC S1 de -94.9M€ (vs. -81.9M€e) soit +1.1M€ yoy - Au titre du S1 (sept-mars), le groupe Pierre&Vacances publie des résultats inférieurs à nos attentes. Pour un CA déjà publié de 654.8M€ (+6.5% yoy), le ROC s’établit à -94.9M€, en amélioration yoy de 1.1M€, mais inférieur à nos attentes (-80.4M€e), avec le Tourisme à -86.4M€ et l’Immobilier à -8.5M€.Notamment après prise en compte d’un résultat financier de -8M€ (en ligne avec nos attentes), de -1.1M€ de one off...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : Healthy Q3 2018/19 sales underpinned by solid performance at CP and Adagio - encouraging outlook for Q4

>Q3 2019 sales beat our expectations (€ 371.5m vs € 345.7me) - P&V reported Q3 2018/19 sales of € 371.5m, up 9.8% pro forma IFRS 15, ahead of our expectations (ODDO BHF € 345.7m). The beat relates mainly to the better-than-expected performance from Adagio and Village Nature. By division, Tourism sales (79% of the group total) advanced by 12.6% (pro forma IFRS 15) to € 335.3m (vs ODDO BHF € 312.3m), of which accommodation revenue of € 227.7m (5.5% l-f-l vs +4.2% i...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : Bonne tenue de l’activité au T3 soutenue par une solide performance chez CP et Adagio – Perspectives encourageantes au T4

>CA T3 2019 supérieur à nos attentes (371.5 M€ vs 345.7 M€e) - P&V a publié un CA T3 19 de 371.5 M€, en hausse de 9.8% pro forma IFRS 15, supérieur à nos attentes (ODDO BHF 345.7 M€). L’écart avec nos estimations s’explique essentiellement par une performance meilleure qu’attendu chez Adagio et Village Nature. Par division, le CA Tourisme (79% du CA groupe) progresse de 12.6% (pro forma IFRS 15) à 335.3 M€ (vs ODDO BHF 312.3 M€), dont un CA Location de 227.7 M€ (...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : Improvement in margins expected in H2

>Weak margins in H1, not representative of 2019 - The presentation of the results provided some additional details on margins in the H1 which were dented by a significant seasonal impact and one-off items: 1/ Tourism (underlying operating profit of -€ 104m, i.e. -€ 18m): margins narrowed by unfavourable calendar effects (spring holidays falling later this year, giving an impact of -€ 6m which will be offset in April), seasonal impact (-€ 13m in H1) from the ramp-up of...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : Amélioration de la rentabilité attendue sur le S2

>Une faible rentabilité au S1, non représentative de l’année 2019 - La réunion de présentation des résultats a apporté quelques précisions sur la rentabilité du S1, pénalisée par une forte saisonnalité ainsi que des éléments non récurrents : 1/ Tourisme (ROC de -104 M€ soit -18 M€) : la rentabilité est affectée par des effets calendaires défavorables (décalage des vacances de printemps soit un impact de -6 M€ qui sera compensé sur le mois d’avril), des effets de saiso...

Hela Zarrouk ...
  • Johanna Jourdain

Pierre & Vacances : H1 underlying operating performance below our forecast, affected by exceptionals and the seasonal effect

>H1 2018-19 underlying op. loss greater than forecasts at -€ 111.6m - For its H1 (October-March), Pierre et Vacances has published results that fell below our forecasts. Based on sales (already published) of € 738.1m (+17.2% pro forma IFRS 15), the group reported an underlying operating loss of -€ 111.6m (down € 16.7m vs H1-18) vs our forecast of -€ 98.5m. This difference was essentially due to a disappointing performance from the real estate division (underlying ope...

A director sold 400 shares at 43.091EUR and

A director at Pierre & Vacances sold 400 shares at 43.091EUR and the significance rating of the trade was 51/100. 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...

Alexandre Iatrides ...
  • Baptiste Lebacq
  • Christophe Chaput
  • Hela Zarrouk
  • Jeremy Garnier
  • Johanna Jourdain

ODDO BHF Small & MIDCAP MORNING NEWS - 07/12/2019

After the strong margin compression in H1 2019, European steelmaker fundamentals are likely to remain complicated in H2. The lack of visibility as to the timing of a recovery is likely to deter investors from returning to the segment despite historically low valuations. We reiterate our Buy rating on ArcelorMittal, which is the most exposed to spot prices (“the first to pick up”). Conversely, we downgrade Voestalpine, which fully played its role as the most defensive stock in the turm...

Alexandre Iatrides ...
  • Baptiste Lebacq
  • Christophe Chaput
  • Hela Zarrouk
  • Jeremy Garnier
  • Johanna Jourdain

ODDO BHF Small & MIDCAP MORNING NEWS - 12/07/2019

Nous tablons sur un S1 2019 difficile, pénalisé par des effets de base et des conditions climatiques volatiles. Nous confirmons notre hiérarchie sectorielle, les prises de profits pré-publication pourraient permettre de se repositionner, à bon compte, sur le secteur des Matériaux alors que celui de la Construction/Concessions pourrait constituer un refuge. Saint-Gobain et Eiffage restent nos valeurs préférées. - Cf. étude publiée hier soir après la clôture. - ...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Hana Maalej
  • Hela Zarrouk
  • Jeremy Garnier
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/29/2019

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Hana Maalej
  • Hela Zarrouk
  • Jeremy Garnier
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 29/05/2019

...

Benoit Valleaux ...
  • Christophe Chaput
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby
  • Roland Pfaender

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2019

At 9.7x 2020e EBITDA the market is yet to factor in Voltalia’s short-term growth targets (1 GW at end-2020). However, at only eighteen months from this deadline, the majority of the projects that will be necessary to achieve this target are under already construction and the pipeline of 6.2 GW guarantees continued growth beyond 2020. After two years of stock market stability we think that the short-term acceleration in installed capacity will lead to a revaluation in the multiples and...

PIERRE ET VACANCES sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of PIERRE ET VACANCES (FR), active in the Hotels industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 21, 2019, the closing price was EUR 16.84 and its target price was estimated at EUR 13.54.

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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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

Proxy Report - AGM 09/02/2018

Le 21 novembre 2017, Gérard Brémond a proposé que son fils Olivier Brémond devienne Directeur Général à compter du 3 septembre 2018 tandis que lui-même conserverait la présidence du groupe. La politique de rémunération du dirigeant mandataire social pour 2017-2018 est plutôt simple puisque qu'elle est composée environ à 85% de rémunération fixe. Du fait que Gérard Brémond (actuellement seul mandataire social dirigeant) est le principal actionnaire de la société, cette absence de rémunération variable est acceptable puisqu'il est déjà intéressé aux performances long-terme de la société. Aussi,...

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