Accor (OTC:ACRFF) Stock, Quote.Headers.trade-ideas

Accor operates 821,518 rooms across roughly 50 brands addressing the economy through luxury segments as of Dec. 31, 2023. Ibis (economy scale) is the largest brand (35% of total rooms at the end of 2023), followed by midscale brands Mercure (16%) and Novotel (13%). FRHI offers additional luxury and North American exposure. After the sale of the majority of HotelInvest (owned assets) in 2018-19, the majority of total EBITDA comes from asset-light managed and franchised hotels. Europe and North Africa represent 44% of rooms, Asia-Pacific 34%, the Americas 13%, and India, Middle East, and Africa 10%. Premium, midscale, and economy are 86% of total rooms, while luxury and lifestyle are the remaining 14%.

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Accor SA

Growth in the Chinese hotel market is shifting to mid-market properties from the high end, according to Jefferies&#39; analyst Ian Rennardson.

	Two companies with the most to gain: Hilton Worldwide Holdings Inc (NYSE: <a class="ticker" href="/stock/hlt#NYSE">HLT</a>) and ACCOR SA (OTC: <a class="ticker" href="/stock/acrff#OTC">ACRFF</a>), Rennardson said Friday.

	A growing middle class will result in &quot;emphasis switching away from the over-supplied top-end of the market to the middle market,&quot; as customers trade up and out of the budget and economy segments, Rennardson said.

	Accor and Hilton, through franchise agreements with local players, have &quot;by far&quot; the largest number of Chinese projects planned for construction. Most of those are aimed at the middle market, Rennardson said.

	That&#39;s likely to put pressure on InterContinental Hotels Group PLC (ADR) (NYSE: <a class="ticker" href="/stock/ihg#NYSE">IHG</a>), the only international operator with a currently significant mid-market presence in China.

	Marriott International Inc (NASDAQ: <a class="ticker" href="/stock/mar#NASDAQ">MAR</a>) and Starwood Hotels &amp; Resorts Worldwide Inc (NYSE: <a class="ticker" href="/stock/hot#NYSE">HOT</a>) have the smallest Chinese pipelines, according to Rennardson.

	Operating earnings from China will double at both Accor and Hilton to 4 percent and 2.5 percent of totals, respectively, according to Rennardson.

	But Chinese profits will grow &quot;only slightly,&quot; according to Rennardson, at InterContinental, Marriott and Starwood.

	China, however, &quot;will remain a relatively small contributor&quot; to profits among the five hotel companies followed by Rennardson.

	China accounted for an average 7 percent of capacity and 3.5 percent of operating profits at Rennardson&#39;s five hotel companies in 2014, he estimated.

	The group on average will see capacity in China continue to increase at about 5 percent annually, with operating profit there contributing to 5.3 percent of the group&#39;s total by 2017.

	With the U.S. hotel market mature and offering little structural growth, &quot;we prefer non-U.S. exposure,&quot; with both Europe and emerging markets under-penetrated by branded and franchised hotels, Rennardson said.

Analyst Color

Analyst Ratings

Who Benefits From Lodging Growth In China?

Accor SA (OTC: <a class="ticker" href="/stock/acrff#OTC">ACRFF</a>) posted a net loss in the first half.

Accor projects earnings before interest and taxes (EBIT) of 510 million euros ($642 million) to EUR530 million this year.

In the first half, Accor posted a net loss of EUR532 million, versus a year-ago net profit of EUR41 million. Its EBIT came in at EUR212 million, versus analysts' estimates of EUR216 million. 

Accor's sales dropped 0.1% to EUR2.72 billion.

Accor shares gained 0.15% to close at $33.50 yesterday.

Earnings

Guidance

Accor Posts H1 Net Loss

Travel + Leisure acquires vacation ownership business of Accor for $48.4M

Accor SA 2023 Q4 - Results - Earnings Call Presentation

Accor SA's (ACRFF) Q4 2023 Earnings Call Transcript

Accor SA GAAP EPS of €2.22, revenue of €5.05B

European stocks that are sensitive to lower consumer consumption - JPM

Accor Remains Reasonably Valued Compared To Peers

Longleaf Partners International Fund Q1 2024 Commentary

Accor SA (ACRFF) Q1 2024 Sales/Trading Statement Call Transcript

Top high quality stocks that pay dividends - UBS

Accor: Relatively Cheap Valuation, Strong Secular Tailwind

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Accor

Accor (ACRFF) Forecast

Accor (OTC:ACRFF) Stock, Quote.Headers.trade-ideas