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

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...

Benoit Valleaux ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • 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 - 17/04/2019

A 9.7x l’EBITDA 2020e, le marché ne valorise toujours pas les objectifs de croissance de CT de Voltalia (1GW fin 2020). Pourtant, à seulement 18 mois de l’échéance, la plupart des projets nécessaires à leur atteinte sont en construction et le pipeline de 6.2 GW garantit la poursuite de la croissance au-delà de 2020. Nous pensons que l’accélération des mises en service attendue sur 2019 et surtout 2020 va inexorablement entrainer une revalorisation des multiples. Nos valorisations, sur...

Johanna Jourdain

Pierre & Vacances : H1 2019 revenues below our forecasts, Q3 outlook encouraging in tourism

>H1 2019 revenues below our forecasts - Pierre & Vacances has published H1 2019 revenues of € 738m (vs ODDO BHF at € 775m est.), up +17.2% pro forma IFRS 15. The difference with our forecasts was essentially due to a weaker-than-anticipated performance at the tourism division (Pierre & Vacances segment) stemming from the impact of the IFRS 15, which is difficult to evaluate.At the tourism division, revenues were up 2.6% (pro forma IFRS 15) to € 544m (vs ODDO BHF ...

Johanna Jourdain

Pierre & Vacances : CA S1 2019 en-dessous de nos attentes, perspectives T3 encourageantes en Tourisme

>CA S1 2019 en-dessous de nos attentes - Le CA de P&V est ressorti à 738 M€ au S1 2019 (vs ODDO BHF à 775 M€e), en hausse de +17.2% proforma IFRS 15. La différence avec nos estimations s’explique essentiellement par une performance moins bonne qu’attendu dans la division Tourisme (segment Pierre & Vacances) en raison de l’impact de la norme IFRS 15, difficile à évaluer.Dans la division Tourisme, le CA progresse de 2.6% (proforma IFRS 15) à 544 M€ (vs ODDO BHF à 5...

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...

Johanna Jourdain

Pierre & Vacances : H1 2019 revenues below our forecasts, Q3 outlook encouraging in tourism

>H1 2019 revenues below our forecasts - Pierre & Vacances has published H1 2019 revenues of € 738m (vs ODDO BHF at € 775m est.), up +17.2% pro forma IFRS 15. The difference with our forecasts was essentially due to a weaker-than-anticipated performance at the tourism division (Pierre & Vacances segment) stemming from the impact of the IFRS 15, which is difficult to evaluate.At the tourism division, revenues were up 2.6% (pro forma IFRS 15) to € 544m (vs ODDO BHF ...

Johanna Jourdain

Pierre & Vacances : CA S1 2019 en-dessous de nos attentes, perspectives T3 encourageantes en Tourisme

>CA S1 2019 en-dessous de nos attentes - Le CA de P&V est ressorti à 738 M€ au S1 2019 (vs ODDO BHF à 775 M€e), en hausse de +17.2% proforma IFRS 15. La différence avec nos estimations s’explique essentiellement par une performance moins bonne qu’attendu dans la division Tourisme (segment Pierre & Vacances) en raison de l’impact de la norme IFRS 15, difficile à évaluer.Dans la division Tourisme, le CA progresse de 2.6% (proforma IFRS 15) à 544 M€ (vs ODDO BHF à 5...

Johanna Jourdain

Pierre & Vacances : Q1 2019 revenues beat forecasts (limited comparability) and a favourable outlook for 2019

>Q1 2019 revenues beat our forecast (limited comparability) - P&V has published Q1 2019 revenues of € 393m (+28.9% on a reported basis), significantly above our forecasts but on the basis of very limited comparability since the group has now applied IFRS 15 (Oddo BHF at € 312m, excl. IFRS 15 impact).By division, revenues at the tourism division were up by +3.8% in Q1 to € 247m (vs Oddo BHF est. of € 253m), including rental revenues of € 170m, i.e. +4.3% on a l-f-...

Johanna Jourdain

Pierre & Vacances : CA T1 19 au-dessus de nos attentes (comparabilité limitée) et perspectives favorables pour 2019

>CA T1 19 supérieur à nos attentes (comparabilité limitée) - P&V a publié un CA T1 19 de 393 M€ (+28.9% en publié), significativement supérieur à nos attentes mais avec une comparabilité très limitée puisque le groupe applique désormais la norme IFRS 15 (estimations Oddo BHF 312 M€, hors impact IFRS 15).Par division, le CA Tourisme progresse de 3.8% au T1 à 247 M€ (vs Oddo BHF 253 M€), dont CA Location à 170 M€, soit +4.3% à données comparables (+5.0% publié) sou...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Corby
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 11/23/2018

...

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...

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...

Benoit Valleaux ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • 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 - 17/04/2019

A 9.7x l’EBITDA 2020e, le marché ne valorise toujours pas les objectifs de croissance de CT de Voltalia (1GW fin 2020). Pourtant, à seulement 18 mois de l’échéance, la plupart des projets nécessaires à leur atteinte sont en construction et le pipeline de 6.2 GW garantit la poursuite de la croissance au-delà de 2020. Nous pensons que l’accélération des mises en service attendue sur 2019 et surtout 2020 va inexorablement entrainer une revalorisation des multiples. Nos valorisations, sur...

Aurelien Sivignon ...
  • Christophe-Raphaël Ganet
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 01/18/2019

...

Aurelien Sivignon ...
  • Christophe-Raphaël Ganet
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Nicolas Thorez
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 18/01/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Johanna Jourdain
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 11/22/2018

...

An unfavourable environment weighs on PIERRE ET VACANCES, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of PIERRE ET VACANCES (FR), active in the Hotels industry. As regards its fundamental valuation, the title still shows 3 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date January 25, 2019, the closing price was EUR 18.74 and its target price was estimated at EUR 13.21.

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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 ...

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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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