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Accor: UBS still a buyer; maintains target price

(CercleFinance.com) - UBS has re-examined the Accor hotel group after (at last) it announced the partial sale of AccorInvest, its real estate subsidiary.

Maintaining their buy rating on the stock, analysts have also confirmed their 12-month target price of 55 euros.

The hotel group headed by Sébastien Bazin has completed the sale of 55% of AccorInvest's capital for 4.4 billion euros. This figure seems to be in line with expectations, UBS believes, as the entity's enterprise value is estimated at 6.25 billion euros.

The market will now focus on cash returns (to shareholders, ed) and the group's share buyback program. This is particularly the case, as in a separate statement, the group announced the establishment of such a program of up to 1.35 billion euros over two years.

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