Oddo maintains its 'outperform' rating on the Pierre & Vacances share, with its target price raised from 1.95 to 2.2 euros.
P&V has published better-than-expected sales for the first half of 2022/23, up 13.1% to 808.8 ME (with +19.9% for tourism activities sales).
For H2, given the bookings portfolio to date, the group anticipates continued growth in business, underpinned by both a rise in ARP (average selling price) and an increase in the number of nights sold, reports Oddo.
The analyst is therefore 'confident' in the group's ability to continue the successful execution of its strategic plan.
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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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