Accor: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF reaffirms its 'outperform' rating on Accor share, raising its target price for them from E46 to E48, ahead of the announcement of Q1 sales that it expects will reach E1,197m, driven by solid RevPAR growth (+7.
2%).

The broker says that Accor is benefiting from the continuing global hotel rebound, a solid financial position and the potential for asset disposals that will enable a significant return to shareholders, as well as from the reorganisation by segment.

Oddo BHF also considers that the share's current valuation still offers good entry points, at 2024 EV/EBITDA 11.6x, representing a 30% discount to US comparables and a 25% discount to its historical 2018/2019 multiple.


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