First Read ACCOR 1H26 results slightly better with outlook broadly maintained

研报英文原文证据摘录

First Read ACCOR 1H26 results slightly better with outlook broadly maintained

Forecast returns

Forecast price appreciation 33.2%

Forecast dividend yield 3.0%

Forecast stock return 36.2%

Market return assumption 7.9%

Forecast excess return 28.4%

Company Description

Accor was founded in 1967 and, with over 835k hotel rooms, is the largest European hotel

group. The main group brands are Sofitel, Fairmont, Swissôtel, Raffles, Pullman, Novotel,

Mercure and Ibis; 43% of rooms are in Europe, 34% in ASPAC, 13% in Americas and 10% in

MEA. Accor also has a presence in private luxury rentals following the onefinestay acquisition

(2016). The group has three divisions: (1) premium, midscale and economy; (2) luxury and

lifestyle; and (3) services to owners. The company also has a number of minority stakes in

associated companies.

Valuation Method and Risk Statement

Accor: The hotel sector is economically sensitive with business activity influencing the degree

of corporate travel and consumers' discretionary spending influencing leisure spending. Hotel

demand can be affected by local health concerns, terrorism, travel disruptions, sporting

events, trade fairs, and the like. On a company specific basis, demand is affected by brand

positioning and brand standards, and the trade-off of room price and perceived value which

in turn is somewhat affected by levels and consistency of maintenance capital spending.

Hotel supply depends on the construction cycle and local incentives. The magnitude of each

company's profit cycle is somewhat dependent on the company's mixture of owned and

company operated hotels, management contracts, and franchise arrangements as well as the

brand positioning. We value the company on a 2026e SOTP basis using a EV/EBITDA basis.

First Read: Accor 30 July 2026 ab 2