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Accor SA - Stock Quote AC

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Morningstar's Accor SA Stock Analysis

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Narrow-Moat Accor's Q1 Update Points to Improved Travel Demand in 2022-23; Shares Undervalued

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

Accor’s first-quarter revenue per available room reached 75% of 2019 levels (compared with 73% in the prior three months) as travel demand remained resilient amid geopolitical concerns. Accor expects revPAR to continue to improve, noting strong summer bookings and a view that domestic travel will fully recover by the end of 2022, along with a ramp-up of international and business travel, the latter of which is already more than half recovered. We still expect Accor’s revPAR to fully recover by 2023, which we believe is reflected in neither current FactSet consensus estimates nor the share price, but we now expect 2022 revPAR to reach a mid-80s percentage of prepandemic marks, versus the low 70s previously. As a result, we plan to lift our EUR 38 fair value estimate by around EUR 1 per share and think investors seeking travel exposure should explore an investment in Accor.

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Accor SA's Company Profile

Business Description

Accor operates 778,000 rooms across over 40 brands addressing the economy through luxury segments, as of Dec. 31, 2021. Ibis (economy scale) is the largest brand (37% of total rooms at the end of 2021), followed by Novotel (14%) and Mercure (15%). 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 HotelServices (asset-light). Northern Europe represents 21% of rooms, Southern Europe 23%, Asia-Pacific region 31%, Americas 13%, and India, Middle East, and Africa 12%. Economy and midscale are 73% of rooms.

82, Rue Henri Farman, Tour Sequana, Issy-les-Moulineaux
Paris, 92130, France
T +33 145388600
Sector Consumer Cyclical
Industry Lodging
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 158,604