Oddo BHF maintains its outperform rating on Pierre & Vacances (P&V) shares, with an unchanged target price of 2.2 euros.
Yesterday, P&V reported first-half sales (already known) of €808.8 million, up 13.1% year-on-year.
Adjusted EBITDA (structurally negative in H1 due to the seasonal nature of the business) came in at -46.8 ME (vs. -8.8 ME in H1 21/22), but up 28% (+18 ME increase) on normalized EBITDA for H1 2022.
"The improvement in profitability in H1 was mainly due to the growth momentum of the tourism business (+117 ME in additional sales in H1 23) as well as rigorous cost management", notes Oddo BHF.
Against this backdrop, P&V is reiterating its annual targets (raised at the time of publication of H1 23 sales), with tourism sales expected to exceed 1,700 ME, +10% y-o-y, and adjusted EBITDA to exceed 130 ME (vs. 105 ME in 2022).
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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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