(Boursier.com) — Accor climbs another 1% on 40 euros this Friday, after yesterday’s surge of more than 6%. The hotel group reported a record 2023 Gross Operating Surplus, at more than 1 billion euros (+49%), for a turnover of €5.056 billion, up 18% at scope and exchange rate. constant. Accor’s revenue per available room (RevPAR), a key indicator of hotel industry performance, jumped 23%. The Group’s share of net income stands at 633 ME, compared to 402 ME in 2022…
Based on the 2023 results, the dividend distribution policy implemented since 2019 (established on the basis of a distribution of 50% of recurring free cash flow), and on the recommendation of the Board of Directors, Accor will submit for approval to the General Meeting of Shareholders on May 31 the payment of an ordinary dividend of 1.18 euros per share.
“We have had an encouraging start to 2024 where we see both an increase in the occupancy rate and prices, which are therefore holding up, and finally renewed confidence in our ability to generate growth and share it,” Chief Financial Officer Martine Gerow said on a call with reporters. Accor, which operates in more than 110 countries, confirmed its medium-term growth outlook announced in June, including a share buyback program worth approximately 400 million euros to be launched during the year 2024…
Convinced Brokers
Among brokers’ opinions, Morgan Stanley is overweighting Accor with a target going from 41 to 45 euros. Stifel speaks of “a set of positive results”, Accor having exceeded the billion euros EBITDA mark (ahead of forecasts/consensus) with an improvement in operating leverage during the second half… The outlook are positive, according to the broker, with the company showing confidence for the year ahead and leaving consensus expectations likely too conservative at this point. Furthermore, the company confirmed the launch of a €400 million share buyback plan during the year, which should be viewed positively, while the dividend exceeded expectations, reflecting the strong generation of FCF. The broker therefore believes that this publication should be perceived in a positive manner and trigger a favorable stock market reaction, particularly in the context of Accor’s strong discount compared to its closest peer, IHG. Stifel therefore remains on the purchase list with an objective raised from 45 to 48 euros.
The continuation of a solid performance in terms of profitability, the confirmation of medium-term objectives and a new share buyback are all “encouraging” elements, indicated Citi for its part (‘purchase’). Oddo BHF (‘outperformance’) cites a “very good” result for the 2023 financial year, with a confident tone for 2024 because, despite a complex geopolitical context, this year promises to be full of major international events which should further fuel growth . The broker anticipates slight adjustments to the consensus following these announcements…
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