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Research Tree provides access to ongoing research coverage, media content and regulatory news on ACCOR SA. We currently have 23 research reports from 2 professional analysts.

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A brighter momentum in France, at last

  • 24 Apr 17

Q1 17 figures revealed improved trends in France which recorded sustained RevPAR with a particularly strong Paris market. Sales were up 7.4% lfl while the changes in the group’s perimeter provided €82m of additional sales (+26% yoy), largely reflecting the contributions of Raffles, Fairmont, Swissotel, onefinestay and John Paul. Organic sales benefited from the solid New Businesses (i.e. concierge services, luxury home rentals and digital services for independent hotel operators) which posted a 10.4% lfl rise in sales followed by HotelServices (+5.6% lfl). Hotel assets (i.e. HotelInvest’s assets which have not been transferred to AccorInvest, mainly relating to Orbis, hotels operated under management leases and the assets to be restructured before the Booster transaction closes) showed a 5.8% growth in lfl sales. For the first time since the first wave of terrorist attacks in January 2015, Paris recorded strong figures on the back of a robust leisure segment (+9% in RevPAR) and corporate stays (+5% in RevPAR). Europe posted an 8.4% rise in sales (+7.4% in RevPAR) fuelled by a supportive UK (RevPAR up 9.2%) where the weaker sterling stimulated Britons to travel within the UK. London was also marked by continuing solid corporate travel and a recovery in the leisure segment with rising demand from Asia and North America. Germany was solid (RevPAR +7.1%) helped by a favourable trade calendar. The Middle East and Africa region (+1.9% rise in sales) was impacted by the oil-producing states, while the Asia-Pacific region (+10.6% in sales) was fuelled by the Luxury segment (+6.4% in RevPAR). In April, AccorHotels acquired Availpro which specialises in online services dedicated to independents (through Fastbooking) and recorded 10.4% organic growth in sales in Q1.

The imminent disposal of HotelInvest opens a new page for AccorHotels

  • 23 Feb 17

Strong pace of FY16 results, strong prospects underpinned by a new strategy Accor released its FY16 results, marked by a challenging French market which as expected was heavily impacted by the terrorist attacks last year. But international geographies performed strongly and the overdue disposal of the property arm was further detailed (under the so-called Booster project) with a closing due in H1 17. This is paving the way for a new strategy for the group consisting of boosting the weight of private rental activities and community services (including concierge services via the recently-acquired John Paul), both to be at the heart of the company’s growth. Tough French market, but clear improvements in Q4 FY16 sales grew by 2.2% (+0.9% reported) in line with the market’s expectations with robust performances across most geographies, with improved figures in Q4 (sales lfl +3.1%, RevPAR +1.3%). In France (-2.8% lfl in sales but -1.2% in Q4), trading conditions remained challenging in Paris (RevPAR -13.2% in FY16) as a result of the terrorist activity, contrasting with the Provinces which held tight (+4.2% in RevPAR). At the group level, the UK (+2.3% in FY16 RevPAR, o/w +3.8% in Q4) and Germany (+4% in FY16 RevPAR, +3.1% in Q4) along with a strong Asia Pacific (+5.5% in sales LFL) and the Americas (+4.7% LFL) helped to compensate for the poor French market. Strong international markets, record EBIT level Group EBIT reached a record €696m level (+4.6% reported, +3.8% lfl, the EBIT margin at 12.4%, +50bp yoy) fuelled by a robust Q4 (improved performances in France), organic activity (+€25m), the contribution of FRHI (over 6 months in H2, €48m) and hotel development (€7m), all of which compensated for the negative contribution of new businesses (including Fastbooking, Onefinestay and John Paul) and FX impacts (€18m). The Asia-Pacific region (+32% in EBIT lfl) benefited from the sustained development completed since 2014 while the UK and Germany played as strong supports for the NCEE region (55% of Group EBIT, +9% lfl). Brazil continued to weigh on the Americas’ performances (-18% in EBIT lfl) while France (-13% in EBIT lfl) felt the pain of the terrorist attacks in Paris and Nice. The group’s net profit rose by 8.6% at €265m while net debt reached €1.6bn (vs €194m of net cash position in FY15), largely due to acquisitions, including FRHI (for €2.6bn, partly financed by €768m of cash).