Oddo BHF reaffirms its 'outperform' rating on Accor and raises its target price from 46 to 48 euros, ahead of the announcement of first-quarter sales it expects to reach 1197 million euros, driven by solid RevPAR growth (+7.2%).

According to the research firm, Accor is benefiting from the continuing global hotel rebound, a solid financial position and the potential for asset disposals that will enable a significant return to shareholders, as well as from the reorganization by segment.

Oddo BHF also considers that the current valuation still offers good entry points, at 11.6 times 2024 EV/EBITDA, representing a 30% discount to US comparables and a 25% discount to its historical 2018/2019 multiple.

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