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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Accor    AC   FR0000120404


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Holiday Inn owner shows signs of improvement as new curbs weigh

10/23/2020 | 03:20am EST
FILE PHOTO: General view of an Intercontinental Hotel at the O2 in London

(Reuters) - InterContinental Hotels signalled recovery from pandemic lows with rising occupancy levels and improving hotel room revenues, as the travel and hospitality industry faces renewed pressure from new lockdowns and restrictions.

The company, whose brands include Holiday Inn, the Crowne Plaza, Regent and Hualuxe hotel chains, on Friday posted a 53.4% fall in third-quarter revenue per available room (RevPAR), compared to the 75% drop reported in the previous quarter.

Occupancy also improved to 44% from 25% in the second-quarter.

"Progress will continue to vary by region as restrictions come and go, and the potential for further improvement in trading in the near term remains uncertain," said Paul Edgecliffe-Johnson, chief financial officer at IHG.

The hospitality industry has been hit by a plunge in tourist numbers due to coronavirus-led travel restrictions, which led IHG and rivals, including Europe's biggest hotel group Accor and Premier-inn owner Whitbread, to cut costs and lower their workforce this year.

Hotel operators are now set to bear the brunt from a second wave of coronavirus infections, which has forced countries to introduce new travel curbs.

IHG said http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20201023:nRSW9799Ca capital spending is expected to be around $150 million in 2020, about a $100 million (76.5 million pounds) lower when compared to 2019.

(Reporting by Tanishaa Nadkar and Samantha Machado in Bengaluru; Editing by Amy Caren Daniel)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACCOR -1.06% 29.81 Real-time Quote.1.79%
INTERCONTINENTAL HOTELS GROUP PLC -1.24% 4788 Delayed Quote.3.37%
WHITBREAD PLC -0.88% 3141 Delayed Quote.2.23%
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Sales 2020 1 731 M 2 090 M 2 090 M
Net income 2020 -1 556 M -1 879 M -1 879 M
Net Debt 2020 1 720 M 2 077 M 2 077 M
P/E ratio 2020 -4,70x
Yield 2020 0,05%
Capitalization 7 675 M 9 269 M 9 268 M
EV / Sales 2020 5,43x
EV / Sales 2021 3,47x
Nbr of Employees 19 254
Free-Float 72,1%
Duration : Period :
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Average target price 29,15 €
Last Close Price 30,13 €
Spread / Highest target 29,4%
Spread / Average Target -3,26%
Spread / Lowest Target -35,9%
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Managers and Directors
Sébastien Marie Bazin Chairman & Chief Executive Officer
Jean-Jacques Morin Deputy CEO & Chief Financial Officer
Sophie A. Gasperment Independent Non-Executive Director
Iris Knobloch Vice Chairman
Iliane Dumas Non-Executive Director
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