(AC) Accor S. A. - PA
Sector: Consumer Cyclical | Industry: Lodging | Exchange: PA (France) | Market Cap: 11.426m EUR | Total Return: 16.3% in 12m
Avg Turnover: 37.5M
Warnings
Share dilution 24.8% YoY
Tailwinds
No distinct edge detected
Accor SA is a France-based global hotel operator headquartered in Issy-les-Moulineaux, incorporated in 1960, listed on Euronext Paris under the ticker AC. The company runs a worldwide portfolio of hotel brands spanning economy through luxury price tiers, operating across Europe, the Middle East and Africa, Asia-Pacific, the Americas, and China. It falls within the consumer discretionary sector, specifically the hotels, resorts and cruise lines sub-industry, a segment characterized by revenue sensitivity to travel cycles and a long-term industry shift toward asset-light operating models.
The business is organized into two reporting segments. The Premium, Midscale and Economy segment houses brands such as Ibis, Novotel, Mercure, Swissôtel, Mövenpick and Pullman. The Luxury & Lifestyle segment includes Raffles, Fairmont, Sofitel, MGallery, Emblems and the Ennismore collection. This multi-tier brand structure is typical of large international hotel groups, which segment portfolios by price point to capture different customer segments and geographic markets simultaneously.
Accor generates revenue through a mix of hotel ownership, leasing, management contracts, and franchising, with the franchise and management components reflecting the broader industry trend toward asset-light operations that reduce capital intensity and improve return on invested capital. Beyond core lodging, the company offers discount card programs, catering and event management, digital booking and concierge services, coworking spaces, and performance venues. It also provides back-office services such as procurement, IT, advertising, and personnel and treasury management, functions that are commonly centralized at major hotel groups to leverage scale across properties.
- RevPAR recovery in Europe and Asia lifts hotel margins
- Luxury and lifestyle brands drive higher fee-based revenue mix
- Share buybacks and asset-light strategy boost capital returns
| Net Income: 449.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 1.74 > 1.0 |
| NWC/Revenue: 2.38% < 20% (prev 2.73%; Δ -0.35% < -1%) |
| CFO/TA 0.07 > 3% & CFO 821.0m > Net Income 449.0m |
| Net Debt (3.73b) to EBITDA (1.20b): 3.11 < 3 |
| Current Ratio: 1.05 > 1.5 & < 3 |
| Outstanding Shares: last quarter (314.8m) vs 12m ago 24.78% < -2% |
| Gross Margin: 52.88% > 18% (prev 34.02%; Δ 18.86% > 0.5%) |
| Asset Turnover: 47.38% > 50% (prev 46.50%; Δ 0.89% > 0%) |
| Interest Coverage Ratio: 5.51 > 6 (EBIT TTM 870.0m / Interest Expense TTM 158.0m) |
| A: 0.01 (Total Current Assets 2.91b - Total Current Liabilities 2.77b) / Total Assets 11.7b |
| B: 0.17 (Retained Earnings 2.04b / Total Assets 11.7b) |
| C: 0.07 (EBIT TTM 870.0m / Avg Total Assets 11.9b) |
| D: 0.61 (Book Value of Equity 4.29b / Total Liabilities 7.03b) |
| Altman-Z'' = 1.77 = BBB |
| DSRI: 1.11 (Receivables 1.25b/1.11b, Revenue 5.64b/5.61b) |
| GMI: 0.64 (GM 34.02% / 52.88%) |
| AQI: 1.01 (AQ_t 0.67 / AQ_t-1 0.67) |
| SGI: 1.01 (Revenue 5.64b / 5.61b) |
| TATA: -0.03 (NI 449.0m - CFO 821.0m) / TA 11.7b) |
| Beneish M = -3.25 (Cap -4..+1) = AA |
As of June 25, 2026, the stock is trading at EUR 50.04 with a total of 1,095,723 shares traded. Over the past week, the price has changed by +3.93%, over one month by +11.56%, over three months by +25.93% and over the past year by +16.27%.
Current recommended Stop Loss: 48.50 (which is 3.1% or 1.3 ATR below the current price).
Accor S. A. has no consensus analysts rating.
P/E Trailing = 30.0559
P/E Forward = 21.4133
P/S = 2.0263
P/B = 2.2375
P/EG = 1.3136
Revenue TTM = 5.64b EUR
EBIT TTM = 870.0m EUR
EBITDA TTM = 1.20b EUR
Long Term Debt = 3.12b EUR (from longTermDebt, last quarter)
Short Term Debt = 641.0m EUR (from shortTermDebt, last quarter)
Debt = 4.93b EUR (from shortLongTermDebtTotal, last quarter) + Leases 639.0m
Net Debt = 3.73b EUR (calculated: Debt 4.93b - CCE 1.21b)
Enterprise Value = 15.2b EUR (11.4b + Debt 4.93b - CCE 1.21b)
Interest Coverage Ratio = 5.51 (Ebit TTM 870.0m / Interest Expense TTM 158.0m)
EV/FCF = 26.18x (Enterprise Value 15.2b / FCF TTM 579.0m)
FCF Yield = 3.82% (FCF TTM 579.0m / Enterprise Value 15.2b)
FCF Margin = 10.27% (FCF TTM 579.0m / Revenue TTM 5.64b)
Net Margin = 7.96% (Net Income TTM 449.0m / Revenue TTM 5.64b)
Gross Margin = 52.88% ((Revenue TTM 5.64b - Cost of Revenue TTM 2.66b) / Revenue TTM)
Gross Margin QoQ = 82.83% (prev 21.31%)
Tobins Q-Ratio = 1.29 (Enterprise Value 15.2b / Total Assets 11.7b)
Interest Expense / Debt = 3.20% (Interest Expense 158.0m / Debt 4.93b)
Taxrate = 23.38% (152.0m / 650.0m)
NOPAT = 666.6m (EBIT 870.0m * (1 - 23.38%))
Current Ratio = 1.05 (Total Current Assets 2.91b / Total Current Liabilities 2.77b)
Debt / Equity = 1.15 (Debt 4.93b / totalStockholderEquity, last quarter 4.29b)
Debt / EBITDA = 3.11 (Net Debt 3.73b / EBITDA 1.20b)
Debt / FCF = 6.44 (Net Debt 3.73b / FCF TTM 579.0m)
Total Stockholder Equity = 4.54b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.77% (Net Income 449.0m / Total Assets 11.7b)
RoE = 9.90% (Net Income TTM 449.0m / Total Stockholder Equity 4.54b)
RoCE = 11.37% (EBIT 870.0m / Capital Employed (Equity 4.54b + L.T.Debt 3.12b))
RoIC = 7.14% (NOPAT 666.6m / Invested Capital 9.33b)
WACC = 6.98% (E(11.4b)/V(16.4b) * Re(8.93%) + D(4.93b)/V(16.4b) * Rd(3.20%) * (1-Tc(0.23)))
Discount Rate = 8.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 4.49 | Cagr: 8.32%
[DCF] Terminal Value 77.97% ; FCFF base≈501.4m ; Y1≈574.8m ; Y5≈845.9m
[DCF] Fair Price = 38.11 (EV 12.7b - Net Debt 3.73b = Equity 9.00b / Shares 236.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 81.40 | EPS CAGR: 21.59% | SUE: N/A | # QB: 0
Revenue Correlation: 76.27 | Revenue CAGR: 23.06% | SUE: -0.04 | # QB: 0
EPS current Year (2026-12-31): EPS=2.23 | Chg30d=+0.00% | Revisions=-47% | GrowthEPS=+38.6% | GrowthRev=+3.4%
EPS next Year (2027-12-31): EPS=2.66 | Chg30d=+0.00% | Revisions=-57% | GrowthEPS=+19.1% | GrowthRev=+6.8%
[Analyst] Revisions Ratio: -57%