Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACCOR SA. We currently have 19 research reports from 2 professional analysts.
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AccorHotels invests S$24m (c.€16m) in Banyan Tree
08 Dec 16
The French hotel group will spend c.€16m in the Singapore-based hospitality brand Banyan Tree. The pair have locked in a long-term strategic partnership to develop and manage Banyan Tree branded hotels around the world. Banyan Tree will have access to AccorHotels’ global reservation and sales network and its loyalty programme (Le Club AccorHotels). Banyan Tree operates 43 luxury hotels and resorts (between 75 to 300 rooms) under the Banyan Tree and Angsana brands but also under the newly-established Cassia and Dhawa brands. The group also operates 64 spas, 77 retail galleries and three golf courses across 28 countries. In exchange for its initial S$24m investment, AccorHotels will get a 5% stake in Banyan Tree upon conversion of a mandatory convertible debenture (a long-term security that will be automatically converted into stock at a specified date). AccorHotels has an option to purchase an additional c.5% stake.
Finally, good resistance
19 Oct 16
Accor reported Q3 sales up by 3%, of which +1.8% organic growth (mainly price increases) and +11.5% from expansion (new rooms and FRHI integration since July): • HotelInvest sales reduced by 0.1% lfl due to the tough environment in France and Belgium; • HotelServices sales grew by 24.2% thanks to the consolidation of FRHI and 6.7% organic growth. This good performance is reassuring in the current alarmist context about tourism in France and Belgium. The group reduced its medium EBIT target slightly from €695m to €680m due to the situation in France (28% of EBIT).
The Big Short !
21 Sep 16
Accor H1 2016 Sales grew +2% Like-for-Like while Ebit dropped -4% to EUR 239 Mln France is largest issue (makes for 25% of Company total Sales & Ebit) as Leisure traffic collapsed -50% since Nov 2015 Attacks (while Corporate was almost flat). Company has kept prices unchanged in Paris (big mistake according to us), declaring customers were scared to travel to France whatever the price of rooms was (Airbnb traffic jumped +86% Y-oY in June, July, August 2016 in France…)
Mixed results and the issue of the Digital Plan
01 Aug 16
Accor published mixed H1 16 results: Sales increased 2% lfl to €2,598m excluding disposals from the Asset Management Programme (-5.2%) and forex impacts (-3.2% with Brazil and the UK). In the first half, the group opened 110 hotels (19,366 new rooms), increasing its portfolio to 3,942 hotels and 524,955 rooms. EBIT was down to €239m (-4% lfl) with the cost impact of the Digital Plan (€-14m), the market (€-6m) but up by 5% excluding these elements and dotcom acquisitions. The EBIT margin decreased to 9.2% from 9.6% in H1 15. Net profit decreased by 19% at €74m (from €91m) mainly due to the operating profit decrease and increase in financial expenses (impacted by a €41m negative fair value adjustment of an interest rate hedge), but helped by non-recurring items (€-18m H1 16 vs €-71m in H1 15). Net debt totalled €511m, mainly increasing due to acquisitions (€607m).
Some new investors for HotelInvest
18 Jul 16
AccorHotels has just announced a project to create a subsidiary for its HotelInvest operations. Its purpose is to provide a legal structure for the division and will enable third-party investors to hold the majority of HotelInvest’s capital (50-80%) by the end of the first half of 2017.
Jin Jiang is back for more, seeking 29% of AccorHotels’ capital
03 Jun 16
The press revealed this morning that the Chinese Jin Jiang, AccorHotels’ top shareholder (the last reported stake held on 27 May was 15.06% of capital and 13.15% of voting rights through Rubyrock and Gold Apple Capital, both controlled by Jin Jiang) may be seeking 29% of the French hotelier’s capital, just below the 30% threshold which would force the launch of a takeover bid. According to the press, Jin Jiang could have approached Colony and Eurazeo to buy their 11% stake held in concert at €45 per share (c.19% above AccorHotels’s last price at €37.9, following a 5% drop in the last three days). The two Private Equity houses are supposedly waiting for Sebastien Bazin (Accor’s CEO) and the Board’s green light to sell their stake to Jin Jiang. However, the French State may impede Jin Jiang’s intentions on AccorHotels by imposing a ceiling in terms of share capital or voting rights.
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.
Successfully engaging players
06 Dec 16
Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Upping its game
21 Sep 16
32Red’s brand punches above its weight in the UK online casino market. Management has adopted a more aggressive stance since mid-2015, both in terms of marketing and with the highly accretive £8.4m Roxy Palace acquisition. Interims show H116 EBITDA rising to £4.5m (H115: £1.2m) and we initiate with forecast EPS more than doubling in 2016 and growing by over 65% between 2016 and 2018. Yet the 2016e P/E is only 13.5x and our peer group comparison and DCF suggest a value of 193-247p per share, 46-86% above the current share price.