Accor: UBS still buying, trims forecasts & TP after results
(CercleFinance.com) - UBS believes that Accor's H1 2024 results are in line, although certain negative factors are weighing on investor confidence.
The group announced net income (group share) of E253m for H1 2024, compared with E248m in H1 2023.
The analyst confirms his buy recommendation on the stock, but lowers his target price to E47.25 (from E50). This new target gives it 34% upside potential.
Analysts have adjusted their forecasts after H1 2024 results, entailing around a 7%/6% decline in 2024/2025 EPS estimates respectively.
For FY 2024, Accor forecasts EBITDA of E1,095m to E1,125m, a positive contribution to EBITDA from owner services, as well as RevPAR growth of between 4% and 5% and network growth of between 3% and 4%.
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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 group announced net income (group share) of E253m for H1 2024, compared with E248m in H1 2023.
The analyst confirms his buy recommendation on the stock, but lowers his target price to E47.25 (from E50). This new target gives it 34% upside potential.
Analysts have adjusted their forecasts after H1 2024 results, entailing around a 7%/6% decline in 2024/2025 EPS estimates respectively.
For FY 2024, Accor forecasts EBITDA of E1,095m to E1,125m, a positive contribution to EBITDA from owner services, as well as RevPAR growth of between 4% and 5% and network growth of between 3% and 4%.
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.