Oddo BHF has reaffirmed its "outperform" rating on Pierre & Vacances shares, raising its price target from EUR2.2 to EUR2.3. This compares to a share price of EUR1.67 as of December 4, 2025, representing an upside potential of approximately 38%.
According to Oddo BHF, the 2025 fiscal year demonstrates continued operational improvement, with Tourism revenue up 3.8% and adjusted EBITDA reaching EUR181 million versus EUR174 million. This progress is attributed to the group's ongoing move upmarket, enhanced customer experience, and strict cost management, which has offset inflationary pressures.
The broker also highlights "encouraging" prospects for 2026, underpinned by a first-half bookings portfolio already exceeding last year's levels and accounting for more than two-thirds of the budgeted target. This leads Oddo BHF to forecast a 4.8% increase in Tourism revenue and an adjusted EBITDA of EUR189.6 million.
The report further underscores the growth drivers of the "Ambition 2030" plan, including the rollout of low-capex concepts, upmarket positioning, and international expansion. The stock's valuation remains attractive, with a discount of over 30% compared to its historical average.
