Accor SA

AC: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€83.00	Llpczs	Ksmjbfqw

Accor Earnings: Solid Sales Growth Continues, but Looming Macro Headwinds Could Hinder 2024 Growth

Dan Wasiolek

Oct 26, 2023

We don’t plan a material change to narrow-moat Accor’s EUR 41.50 fair value estimate, other than for time value, after its third-quarter sales update pointed toward solid second-half demand. We see shares as undervalued, trading around 10 times 2024 enterprise value/EBITDA versus peer multiples of 13-14 times.

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