The transaction could reach 975 million euros, comprising 675 million euros paid upon completion and a contingent consideration 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 estimates that "the price reflects a significant discount to the estimated net asset value (NAV)."

In her view, the valuation was capped by the structural realities of the deal, moving 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 acknowledging that the transaction represents "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 highlighted progress in the divestment of the Essendi stake following the signing of the MOU, but characterized the deal's price structure as "mixed," noting that the initial 675 million euro valuation fell short of market expectations.

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

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

According to the broker, Accor benefits from an 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%.