The transaction could reach 975 million euros, including 675 million euros paid upon completion and an earn-out of up to 300 million euros. This morning, Yi Zhong, the analyst covering the stock at AlphaValue, reported that the terms of the agreement appear "unconvincing."

The analyst points to an implied EV/EBITDA ratio "below its peer group average" and believes that "the price reflects a significant discount to the estimated net asset value (NAV)."

According to her, the valuation was capped by the structural realities of the deal, beyond simple macroeconomic headwinds. "While Essendi's negative outlook likely weighed on the price, Accor's leverage was essentially limited by the need to negotiate with existing shareholders holding preliminary approval rights, which restricted competition," she added, while nevertheless noting that the transaction constitutes "a major strategic milestone."

For its part, Jefferies maintains its "Buy" rating on the stock but has lowered its price target from 58 to 55 euros.

The broker highlights progress in the divestment of the Essendi stake with the signing of the MOU, but views the deal structure as "mixed," as the initial 675 million euro valuation fell short of market expectations.

The research firm further anticipates a solid start to the year for Accor, with RevPAR growth of 4.9% despite a slowdown related to the Middle East. Under these conditions, the analyst has trimmed 2026 EPS estimates by approximately 5% due to this impact and adjustments to share buybacks.

Finally, Goldman Sachs confirms its "Neutral" rating on Accor with a price target of 46.5 euros. The analyst refers to it as a "strategic transaction" that will support shareholder return policies, notably through a 500 million euro share buyback.

According to the broker, Accor benefits from attractive positioning, driven by its exposure to the Luxury & Lifestyle segment and the ramp-up of franchise contracts, which generate higher margins and medium-term RevPAR growth.

However, the report emphasizes that "these factors are largely priced in by the market," with a valuation deemed in line with the outlook, thereby limiting upside potential despite an expected EBITDA trajectory of between 9% and 12%.