According to Citi, the group's exposure to the Middle East, representing approximately 10% of sales, appears already priced in following the stock's 10% decline since the onset of the Iranian conflict.
The research firm anticipates a swift recovery in travel demand to Dubai and the Middle East by the fourth quarter of 2026, while remaining confident in intra-regional travel flows within Europe and Southeast Asia.
The note also highlights that the ETC (European Travel Commission) survey on travel intentions in Europe shows a 10-point increase in travel sentiment for the spring-summer 2026 season, with 82% of Europeans stating they are ready to travel within the next six months.
Accor shares are down 0.5% this morning and have shed more than 8% since the start of the year.
Accor is the No. 1 European hotel group. Net sales break down by activity as follows:
- operating hotels under management contract (70.9%; HotelServices);
- owned and leased hotel management (29.1%). In addition, the group offers a business of renting luxury private residences, as well as providing digital services to independent hoteliers, concierge services, etc.
At the end of 2025, the group operates a network of more than 5,600 hotels distributed between luxury and top-range hotels (Raffles, Fairmont, Sofitel, Pullman, MGallery, Swissotel, Grand Mercure, Mövenpick, The Sebel and Rixos names), mid-range hotels (Novotel, Novotel Suites, Mercure, adagio, Mama Shlter and Tribe), and economy hotels (ibis, ibis Styles, ibis budget, adagio access, hotelF1, Formule 1, Jo&Joe, Breakfree and Greet).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
