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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Accor    AC   FR0000120404

ACCOR

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AccorHotels' shares fall as property stake sale disappoints some

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02/28/2018 | 04:20am EST
Sebastien Bazin, Chairman and CEO of French hotel operator AccorHotels, attends the company's 2017 annual results presentation in Issy-les-Moulineaux near Paris

PARIS (Reuters) - Shares in AccorHotels fell on Wednesday as some analysts expressed disappointment over the terms of the 4.4 billion euros (£3.9 billion) sale of 55 percent of the company's AccorInvest property business.

AccorHotels shares down 1.9 percent at 47.24 euros in early session trading, among the worst performers on France's benchmark CAC-40 index.

Accor announced late on Tuesday the plans to sell the majority holding to investors including Saudia Arabia's PIF and Singapore's GIC sovereign funds, as well as Credit Agricole Assurances, Colony NorthStar and Amundi.

Analysts at Berenberg said some investors might have felt a bit letdown by the price, although any such disappointment on that front would be offset by Accor's plans for a share buyback.

"Accor is selling a 55 percent stake with a gross asset value of 6.25 billion euros, representing a modest discount to the 6.6 billion euros stated by the company in December 2016," wrote Berenberg, which kept a "sell" rating on Accor.

Brokerage Oddo BHF said the percentage being sold off was below expectations, although it added the deal was broadly positive.

That view was echoed by analysts at Citigroup who said the sale was a positive move, adding in a note that it "crystallises significant value in the business." The Citigroup team kept a "buy" rating on Accor.

The French company, which has more than 4,000 hotels ranging from luxury Sofitels to the budget Ibis brand, has said the sale will give it greater financial leeway to accelerate growth and fight the rising challenges from companies such as Airbnb and online travel agents.

AccorHotels, which competes with InterContinental, Marriott and Starwood, beat forecasts earlier this month as it reported a 10 percent rise in like-for-like operating profit to 492 million euros for 2017.

Accor shares remain up around 10 percent so far in 2018, beating a flat performance on the CAC.

($1 = 0.8193 euros)

(Reporting by Sudip Kar-Gupta, Marc Angrand and Blandine Henault; Editing by Dominique Vidalon)

By Sudip Kar-Gupta

Stocks mentioned in the article
ChangeLast1st jan.
ACCOR 2.44% 40.79 Real-time Quote.7.30%
CRÉDIT AGRICOLE 1.01% 13.055 Real-time Quote.37.06%
MARRIOTT INTERNATIONAL 0.05% 145.17 Delayed Quote.33.66%
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Financials (EUR)
Sales 2019 4 029 M
EBIT 2019 578 M
Net income 2019 397 M
Debt 2019 2 342 M
Yield 2019 2,59%
P/E ratio 2019 28,1x
P/E ratio 2020 21,3x
EV / Sales2019 3,21x
EV / Sales2020 2,87x
Capitalization 10 579 M
Chart ACCOR
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Accor Technical Analysis Chart | MarketScreener
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Technical analysis trends ACCOR
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 44,89  €
Last Close Price 39,82  €
Spread / Highest target 30,6%
Spread / Average Target 12,7%
Spread / Lowest Target -10,8%
EPS Revisions
Managers
NameTitle
Sébastien Bazin Chairman & Chief Executive Officer
Jean-Jacques Morin Chief Financial Officer
Sophie Gasperment Independent Non-Executive Director
Iris Knobloch Vice Chairman
Iliane Dumas Non-Executive Director
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INTERCONTINENTAL HOTELS GROUP PLC15.80%11 637
HUAZHU GROUP LIMITED21.62%9 885
HYATT HOTELS CORPORATION22.04%8 477