Oddo BHF has reaffirmed its 'outperform' rating on Pierre & Vacances, as well as its price target of two euros, after the tourism group's investor day (CMD) reinforced its positive view of the share.
"We are confident in the group's ability to continue to successfully execute its strategic plan", says the analyst, who considers the objectives "credible for 2028, supported by cost savings and topline growth".
Oddo BHF also mentions several catalysts, namely a unique positioning focused on local tourism, a renovated park, confidence in the ability to manage inflation, a net cash position and a valuation discount.
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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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