Accor SA

AC: XPAR (FRA)

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Accor Earnings: Solid Quarter as Strong Travel Demand Continues to Grow Sales; Shares Fairly Valued

Dan Wasiolek ,

Feb 20, 2025

Narrow-moat Accor posted a strong fourth quarter, driving full-year 2024 total revenue per available room growth, or revPAR, of 5.7%, above our 4.6% estimate. We expect travel demand to persist in 2025, given constructive year-to-date demand commentary across the hotel peer set and supported by enduring GDP, consumption, and labor force participation rates in the US. Our 2025 revPAR growth estimate is 2.4%. Our fair value estimate is EUR 44 per share.

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Accor SA

Accor Earnings: Solid Quarter as Strong Travel Demand Continues to Grow Sales; Shares Fairly Valued

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