Accor climbed 3.3% and thus became head of the CAC40, following a note from Oddo which reports its recommendation to “neutral” to “buy” and its price target to 48 euros from 46, perceiving positive outlook for the hotel chain in 2016.
Highlighting an economic upturn in Europe (approximately 80% of operating profit), a favorable schedule and supply growth contained, the consultancy expects a RevPAR (revenue per available room) growth of 4.7%.
In terms of valuation, analysts note that the ratio of enterprise value to operating profit expected for 2016 ‘, to 13.2 times, was in line with the historical average despite Accor better fundamentals.
In addition, the hotel group this morning announced the acquisition of three hotel portfolios of assets in Europe representing 29 hotels (3677 rooms either), for a total 284 million euros.
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