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Accor: Oddo still a buyer

( - The hotels group has confirmed that the gradual recovery in its business is being driven by domestic (French) clients (about 70% of its total clients on average) and leisure customers.

Oddo says that in France (about 20% of EBIT), Paris and its outskirts (about 50% of EBIT in France) remain in decline, penalised by the lack of international tourists, while coastal cities are showing sound trends.

However, it says that visibility remains very limited, with 57% of bookings currently being made just one week before stays (vs. 45% in 2019 in Europe).

Oddo confirms its buy rating on the share, maintaining a target price of 31.0 euros (34% upside potential). It says that although the recovery is slow, it is still a buyer, due fundamentals that it deems to be solid and that will remain broadly unchanged as at the end of the crisis.

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