(AC) Accor S. A. - Overview
Sector: Consumer Cyclical | Industry: Lodging | Exchange: PA (France) | Market Cap: 9.510m EUR | Total Return: 2.5% in 12m
Avg Trading Vol: 45.2M EUR
Peers RS (IBD): 36.2
Accor S.A. (ticker AC) is a French-based global hospitality group that operates a diversified portfolio of hotels across Premium, Midscale, Economy, and Luxury & Lifestyle segments. Its brands range from Ibis, Novotel, and Mercure to Sofitel, Fairmont, and the newly integrated Ennismore collection, covering Europe, North Africa, the Middle East, Africa, Asia-Pacific, the Americas, and China. Beyond room rentals, Accor generates revenue from franchising, management contracts, discount-card programs, catering, event services, digital booking platforms, and ancillary businesses such as coworking spaces and luxury private-residence rentals.
In FY 2023 Accor reported revenue of €4.2 billion and adjusted EBITDA of €800 million, reflecting a 12 % rebound in occupancy to 73 % in Q1 2024 and a 5 % year-over-year increase in RevPAR. The group’s asset-light strategy now accounts for roughly 70 % of its portfolio, with over 300 hotels in development, driven by strong demand in the Asia-Pacific region where travel growth is projected to outpace the global average. Key macro drivers include the resurgence of corporate travel, stabilising inflation pressures in Europe, and a favorable EUR/USD exchange rate that supports international visitor spending.
For deeper insights, you might explore Accor’s profile on ValueRay.
- Global travel demand impacts hotel occupancy rates
- Economic downturns reduce discretionary travel spending
- Brand portfolio diversification mitigates market risks
- Regulatory changes affect hotel operating costs
- Digital booking platform competition pressures margins
| Net Income: 1.05b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 2.25 > 1.0 |
| NWC/Revenue: 1.19% < 20% (prev -0.59%; Δ 1.78% < -1%) |
| CFO/TA 0.13 > 3% & CFO 1.57b > Net Income 1.05b |
| Net Debt (3.09b) to EBITDA (2.34b): 1.32 < 3 |
| Current Ratio: 1.05 > 1.5 & < 3 |
| Outstanding Shares: last quarter (314.8m) vs 12m ago 24.78% < -2% |
| Gross Margin: 43.48% > 18% (prev 0.45%; Δ 4.30k% > 0.5%) |
| Asset Turnover: 97.74% > 50% (prev 71.94%; Δ 25.79% > 0%) |
| Interest Coverage Ratio: 5.60 > 6 (EBITDA TTM 2.34b / Interest Expense TTM 299.0m) |
| A: 0.01 (Total Current Assets 2.91b - Total Current Liabilities 2.77b) / Total Assets 11.74b |
| B: 0.17 (Retained Earnings 2.04b / Total Assets 11.74b) |
| C: 0.15 (EBIT TTM 1.67b / Avg Total Assets 11.51b) |
| D: 0.39 (Book Value of Equity 2.77b / Total Liabilities 7.03b) |
| Altman-Z'' Score: 2.03 = BBB |
| DSRI: 0.77 (Receivables 1.25b/1.17b, Revenue 11.24b/8.11b) |
| GMI: 1.03 (GM 43.48% / 44.65%) |
| AQI: 1.03 (AQ_t 0.67 / AQ_t-1 0.66) |
| SGI: 1.39 (Revenue 11.24b / 8.11b) |
| TATA: -0.04 (NI 1.05b - CFO 1.57b) / TA 11.74b) |
| Beneish M-Score: -2.94 (Cap -4..+1) = A |
Over the past week, the price has changed by +4.14%, over one month by -5.30%, over three months by -11.11% and over the past year by +2.50%.
| Wallstreet Target Price | 56.6 | 39.3% |
| Analysts Target Price | - | - |
P/E Trailing = 25.2298
P/E Forward = 13.4048
P/S = 1.6865
P/B = 2.2375
P/EG = 0.9122
Revenue TTM = 11.24b EUR
EBIT TTM = 1.67b EUR
EBITDA TTM = 2.34b EUR
Long Term Debt = 3.12b EUR (from longTermDebt, last quarter)
Short Term Debt = 641.0m EUR (from shortTermDebt, last quarter)
Debt = 4.30b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.09b EUR (from netDebt column, last quarter)
Enterprise Value = 12.60b EUR (9.51b + Debt 4.30b - CCE 1.21b)
Interest Coverage Ratio = 5.60 (Ebit TTM 1.67b / Interest Expense TTM 299.0m)
EV/FCF = 12.63x (Enterprise Value 12.60b / FCF TTM 998.0m)
FCF Yield = 7.92% (FCF TTM 998.0m / Enterprise Value 12.60b)
FCF Margin = 8.88% (FCF TTM 998.0m / Revenue TTM 11.24b)
Net Margin = 9.38% (Net Income TTM 1.05b / Revenue TTM 11.24b)
Gross Margin = 43.48% ((Revenue TTM 11.24b - Cost of Revenue TTM 6.36b) / Revenue TTM)
Gross Margin QoQ = 82.83% (prev 21.31%)
Tobins Q-Ratio = 1.07 (Enterprise Value 12.60b / Total Assets 11.74b)
Interest Expense / Debt = 2.03% (Interest Expense 87.0m / Debt 4.30b)
Taxrate = 25.70% (83.0m / 323.0m)
NOPAT = 1.24b (EBIT 1.67b * (1 - 25.70%))
Current Ratio = 1.05 (Total Current Assets 2.91b / Total Current Liabilities 2.77b)
Debt / Equity = 1.00 (Debt 4.30b / totalStockholderEquity, last quarter 4.29b)
Debt / EBITDA = 1.32 (Net Debt 3.09b / EBITDA 2.34b)
Debt / FCF = 3.10 (Net Debt 3.09b / FCF TTM 998.0m)
Total Stockholder Equity = 4.54b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.17% (Net Income 1.05b / Total Assets 11.74b)
RoE = 23.25% (Net Income TTM 1.05b / Total Stockholder Equity 4.54b)
RoCE = 21.86% (EBIT 1.67b / Capital Employed (Equity 4.54b + L.T.Debt 3.12b))
RoIC = 15.80% (NOPAT 1.24b / Invested Capital 7.87b)
WACC = 6.63% (E(9.51b)/V(13.81b) * Re(8.95%) + D(4.30b)/V(13.81b) * Rd(2.03%) * (1-Tc(0.26)))
Discount Rate = 8.95% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 11.71%
[DCF] Terminal Value 86.20% ; FCFF base≈880.4m ; Y1≈1.09b ; Y5≈1.85b
[DCF] Fair Price = 175.6 (EV 44.20b - Net Debt 3.09b = Equity 41.11b / Shares 234.1m; r=6.63% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: 50.24 | EPS CAGR: 119.8% | SUE: 0.0 | # QB: 0
Revenue Correlation: 77.89 | Revenue CAGR: 73.83% | SUE: -0.04 | # QB: 0
EPS current Year (2026-12-31): EPS=2.28 | Chg7d=-0.014 | Chg30d=-0.099 | Revisions Net=-8 | Growth EPS=+41.8% | Growth Revenue=+5.1%
EPS next Year (2027-12-31): EPS=2.70 | Chg7d=-0.003 | Chg30d=-0.096 | Revisions Net=-5 | Growth EPS=+18.2% | Growth Revenue=+6.5%
[Analyst] Revisions Ratio: -0.57 (3 Up / 11 Down within 30d for Current Year)
[Growth] Implied Growth Rate = 5.0% (Discount Rate 8.9% - Earnings Yield 4.0%)
[Growth] Growth Spread = +1.5% (Analyst 6.5% - Implied 5.0%)