InterContinental: Oddo maintains buy rating

(CercleFinance.com) - RevPAR figures for April in Europe have come out well above those of 2020.

However, compared to April 2019, they are down a dramatic 80%, a level comparable to that of recent months (-77% in March/February and -79% in January), Oddo points out.

Most (2/3) of this decline still results from the sharp fall in occupancy rates, which have reached 20%, a level that is pretty much unchanged for several months now, the analyst adds.

In France, preliminary figures for April, published by MKG, show a 78% drop in RevPAR, compared to April 2019, with occupancy rates at 22%.

Oddo remains positive on Accor and Whitbread shares, on which it has Outperform ratings (due to strong exposure to local clients and more resilient economy/intermediate market segments and balance sheet strength), as well as on Melia, which the analyst upgraded to Outperform a few weeks ago.

Oddo is also positive on InterContinental (Outperform), due to its strong exposure to the US and particularly domestic clients (95%).

The Intercontinental share is currently up about 0.3%, bang in line with the market in London.


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