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Accor SA AC

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Stock XPAR Rating as of
€41.78 −0.50 (1.18%)
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As of Delayed Price Closed
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Company Report

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Accor Earnings: Robust Travel Demand and Diversified Portfolio Lift Top Line; Shares Fairly Priced

Dan Wasiolek, Grace Na

We believe the strength of narrow-moat Accor's diversified portfolio was reflected in its first-quarter 2024 sales update. Despite lapping a tough comparison (up 57% in the same period last year), revenue per available room (revPAR) grew 8% on a like-for-like basis, driven by positive pricing and volume. Less constructively, management maintained its 3%-4% average annual revPAR and unit growth targets (2023-27), implying sequential deceleration for the remainder of the year. The full-year guidance squares with our prior 2024 revPAR forecast, which was based on our positive near-term outlook on both business travel and leisure excursions.

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Price vs Fair Value

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AC is trading within a range we consider fairly valued.
Price
€42.28
Fair Value
€53.20
Uncertainty
Medium
1-Star Price
€22.57
5-Star Price
€19.57
Economic Moat
Mghdtk
Capital Allocation
Krjdfphx

Bulls Say, Bears Say

Bulls

Accor’s mid-single-digit share of hotel industry rooms is set to increase, as the company controls about 10% of the rooms in the global hotel industry pipeline.

Bears

Alternative accommodations present a competitive threat, and the advancement of technology and its use by next-generation travelers increases the access and awareness of these properties.

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Trading Information

Previous Close Price
€42.28
Day Range
€41.73–42.56
52-Week Range
€27.71–43.74
Bid/Ask
€41.70 / €42.00
Market Cap
€10.13 Bil
Volume/Avg
478,523 / 946,146

Key Statistics

Price/Earnings (Normalized)
18.70
Price/Sales
2.38
Dividend Yield (Trailing)
1.68%
Dividend Yield (Forward)
2.79%
Total Yield
5.59%

Company Profile

Accor operates 821,518 rooms across roughly 50 brands addressing the economy through luxury segments as of Dec. 31, 2023. Ibis (economy scale) is the largest brand (35% of total rooms at the end of 2023), followed by midscale brands Mercure (16%) and Novotel (13%). FRHI offers additional luxury and North American exposure. After the sale of the majority of HotelInvest (owned assets) in 2018-19, the majority of total EBITDA comes from asset-light managed and franchised hotels. Europe and North Africa represent 44% of rooms, Asia-Pacific 34%, the Americas 13%, and India, Middle East, and Africa 10%. Premium, midscale, and economy are 86% of total rooms, while luxury and lifestyle are the remaining 14%.
Sector
Consumer Cyclical
Industry
Lodging
Stock Style Box
Mid Growth
Total Number of Employees
223,279
Website
https://group.accor.com

Competitors

Valuation

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Metric
AC
HLT
IHG
Price/Earnings (Normalized)
 18.7031.3225.20
Price/Book Value
 2.71——
Price/Sales
 2.385.053.71
Price/Cash Flow
 16.8847.4721.08
Price/Earnings
AC
HLT
IHG

Financial Strength

Metric
AC
HLT
IHG
Quick Ratio
 0.920.750.90
Current Ratio
 0.980.840.97
Interest Coverage
 10.054.669.44
Quick Ratio
AC
HLT
IHG

Profitability

Metric
AC
HLT
IHG
Return on Assets (Normalized)
 5.19%11.00%14.45%
Return on Equity (Normalized)
 14.80%——
Return on Invested Capital (Normalized)
 7.52%25.33%52.08%
Return on Assets
AC
HLT
IHG
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Lodging Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
MAR
Marriott International Inc Class AMsxtqxzBtb$69.4 Bil
HLT
Hilton Worldwide Holdings IncPspgfnkwJdq$50.5 Bil
ICHGF
InterContinental Hotels Group PLC—Mpsv$16.3 Bil
IHG
InterContinental Hotels Group PLC ADRMtwnfsrNtnh$16.3 Bil
H
Hyatt Hotels Corp Class ATtcfnzyxfRskvs$15.3 Bil
HTHT
H World Group Ltd ADR—Hybltxb$12.4 Bil
ACCYY
Accor SA ADR—Drzcnj$11.0 Bil
ACRFF
Accor SA—Lwhrr$10.9 Bil
WH
Wyndham Hotels & Resorts Inc Ordinary SharesYnrgyphYzscndv$6.0 Bil
CHH
Choice Hotels International IncKktnfkqhkSzvtdvg$5.9 Bil

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