AccorHotels: Oddo confirms rating after quarterly results

(CercleFinance.com) - Oddo has confirmed its buy rating on the AccorHotels stock, and its target price of 53 euros after the group unveiled its quarterly results.


AccorHotels has published Q3 2018 revenues of 1,033 million euros (+22.3% as reported, including +7.6% in organic terms), above expectations of 993 million euros, and in line with Oddo's estimates (1,025 million euros). This figure was boosted by changes in the group's consolidation scope (+17.0%, including the integrations of Mantra and Mövenpick), with FX factors having a negative impact of
-2.3%.

The group has tightened its EBITDA guidance for FY 2018, which is now expected at the upper end of the target range at 700 million euros/720 million euros (compared with 690 million euros/720 million euros previously).

However, the upward revisions of the consensus (714 million euros before the publication) are likely to remain limited in the broker's opinion. It is maintaining its operating assumptions, which it recently upgraded, i.e. RevPAR growth of +5.3% in 2018 (vs. +5.4% over 9m) and EBITDA of 710 million euros e, Oddo says.



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