Accor: Deutsche Bank reduces target price
(CercleFinance.com) - Deutsche Bank announced on Thursday that it had lowered its target price for Accor shares from E48 to E47, while maintaining its buy recommendation on the stock.
In a research note, the analyst explains that the French hotel group has a specific geographic footprint that should enable it to grow its revenue per available room (RevPAR) at a faster rate than many of its competitors.
The broker thus confirms its forecast for RevPAR growth of around 7% this year, compared with the 3% to 4% target set by the group itself and a consensus of 4.5%.
Deutsche Bank says, however, that it has revised downwards its forecast for sales growth for the 2024/2026 period, now expected to be -0.6%, as well as its Ebitda forecast, reduced by 2%.
Despite this, we believe that Accor should remain in a position to improve its operating margin (Ebitda) by between 70 and 110 percentage points per year between 2023 and 2026, it concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
In a research note, the analyst explains that the French hotel group has a specific geographic footprint that should enable it to grow its revenue per available room (RevPAR) at a faster rate than many of its competitors.
The broker thus confirms its forecast for RevPAR growth of around 7% this year, compared with the 3% to 4% target set by the group itself and a consensus of 4.5%.
Deutsche Bank says, however, that it has revised downwards its forecast for sales growth for the 2024/2026 period, now expected to be -0.6%, as well as its Ebitda forecast, reduced by 2%.
Despite this, we believe that Accor should remain in a position to improve its operating margin (Ebitda) by between 70 and 110 percentage points per year between 2023 and 2026, it concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.