Pierre & Vacances gains 1% following results, analyst weighs in
The group reported first-half revenue of 816.8 million euros yesterday evening, up 1.8% year-on-year, driven by a 6% increase in Tourism revenue (98% of consolidated turnover) to 805.8 million euros.
Following the release, Oddo BHF reiterated its 'outperform' rating on the stock, maintaining a price target of 2.30 euros.
According to the broker, the growth in Tourism revenue demonstrates the resilience of the business model in an uncertain environment, fueled by both price and volume increases. The analyst further noted that 'visibility remains satisfactory', with bookings covering nearly 60% of the second-half target, supporting expected growth in accommodation revenue for the full year.
The research firm also highlighted several structural strengths: a strategic focus on local tourism, a renovated portfolio boosting occupancy rates, and the ability to offset inflation through pricing power.
Finally, the analyst considers the valuation to remain 'attractive', trading at a discount of more than 30% compared to its historical average.
Pierre & Vacances is a leading European operator of tourist residences and villages. Net sales break down by activity as follows:
- operation of residences and villages (93.8%): manages, at the end of September 2025, a total of 39,974 apartments and houses under the banners Pierre et Vacances (14,703 apartments), Center Parcs, Sunparks and Villages Nature (18,027) and Adagio (7,244);
- operation of an online booking platform for holidays and tourist accommodation (4.1%; maeva.com): brands maeva.com, Campings maeva, maeva Home, La France du Nord au Sud, Vacansoleil and Parcel Tiny House;
- real estate development (2%): primarily developing and selling renovated homes or new homes to individuals and institutional investors and construction and sales of residences for active seniors;
- other (0.1%).
Net sales are distributed geographically as follows: France (50.6%), the Netherlands (18%), Germany (14.2%), Belgium (10.9%) and Spain (6.3%).
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