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.
Frequency of research reports
Research reports on
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.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
Strong H1 17 performance, confident outlook for H2
20 Jan 17
Following on from the positive AGM statement at the end of November, MySale has released an upbeat pre-close trading update. Group revenue increased 6% to A$136.1m, while higher margin online revenue, now representing over 90% of the total group, experienced a strong rate of growth of 18% to A$126.5m. As a result, gross margin showed continued improvement of 270bps driving a 17% uplift in gross profit to A$38.4m (versus A$32.7m). Strong trading for the half, combined with a carefully controlled cost base, led to a doubling in EBITDA to A$3.0m. Management are confident going into the second half period and following the increase in guidance at the end of November, the company remains comfortable with current full year forecasts. More detail and an update on trading will be given at the interims expected on 1st March 2017.
N+1 Singer - Marston's - Decent start to the year
24 Jan 17
Marston’s AGM update for 16 weeks shows a decent start to the year, leaving the group well on track for full year expectations. For the 3rd consecutive year the D&P Managed business has out performed the regional Coffer Peach index with 1.5% LFL vs the sector effectively flat. This is a good showing given this was the stiffest comp period at 3%. We understand Christmas trading was good with the broad trajectory of trading similar to the broader sector. The main plus, however, is the signalling of flat margins which indicates the company is eschewing deep discounting and benefiting from having strong forward cover on most input costs. There is no change to investment plan guidance. Taverns LFL’s are reported at +1.5%; Leased +3% and Brewing +3% with margin growth – so all positive. With the first 16 weeks accounting for only 20% of profits and the fact that 2/3rd of profits are made in H2 we make no changes to our forecasts. The shares trade on a FY17 P/E of 9.2x, EV/EBITDA of 9.3x and offer a highly attractive and DPS/FCF yield of 5.5%/12%. We remain at Buy with a 150p 12m TP.
EBITDA break-even reached, positive outlook
18 Jan 17
7digital’s FY16 revenues increased 7% y-o-y and EBITDA profitability was reached, as targeted, in Q4. New contract wins in FY16 set the stage for a stronger top-line performance in FY17 and we consider management’s reiterated target of operating profitability in FY17 as realistic. For an operationally geared growth company in its first year of profitability, the FY17e EV/EBITDA of c 12x looks attractive.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)