Accor: considered attractive by Oddo
(CercleFinance.com) - Oddo considers that the emergence of a new, more virulent strain, of the Covid-19 virus in the United Kingdom, and the announcement of additional restrictions on air traffic by several EU countries, constitutes a very negative news flow for the markets in general and the hotel/leisure sector in particular.
However, Oddo remains convinced that the hospitality/leisure sectors will be the first to recover in the summer season of 2021. The broker continues to be positive as regards Accor and Whitbread. Accor, which is almost entirely asset light, presents a resilient profile and a solid balance sheet (>4 billion euros of liquidity at the end of September), the broker says.
Whitbread, which is exclusively exposed to the economy segment, is also relatively resistant in a slowdown, this segment being equally important for Accor (40% of its portfolio). The price target for Accor remains at E32.50.
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