Update shared on05 Sep 2025
Following Accor’s H1 results, analysts tempered earnings and price targets amid reduced visibility and headwinds in associate income and FX, while maintaining a broadly positive long-term outlook, leaving the consensus analyst price target unchanged at €52.55.
Analyst Commentary
- Reduced visibility following Accor’s first half results has led to more cautious outlooks from bearish analysts.
- Bullish analysts expect continued RevPAR outperformance in Q2.
- Lowered 2025 net income estimates due to weaker associate income and foreign exchange headwinds.
- Incrementally lower price targets across the board reflect tempered earnings expectations, despite overall positive long-term views.
- Persistent Buy or Overweight ratings from most bullish analysts signal confidence in Accor's fundamental resilience.
What's in the News
- Accor is exploring a U.S. IPO for its lifestyle hotel venture Ennismore, which operates over 180 hotels under brands such as The Hoxton, Mondrian, 25hours Hotels, Hyde, and Morgans Originals (Bloomberg, company disclosures).
- The potential IPO could value Ennismore at several billion dollars, though the discussions are at an early stage and may not result in a transaction (Bloomberg, company disclosures).
- Accor has been engaging with advisers regarding the possible Ennismore listing but has not made any final decisions, and a company representative declined to comment on the matter (Bloomberg, company disclosures).
- Megaworld Corporation announced a partnership with Accor to elevate the operating standards of select Megaworld Hotels & Resorts properties (company announcement).
- As part of the new partnership, Belmont Hotel Mactan will transition to become Mercure Mactan Cebu, the first Accor-affiliated franchise in The Mactan Newtown township in Cebu, in 2025 (company announcement).
Valuation Changes
Summary of Valuation Changes for Accor
- The Consensus Analyst Price Target remained effectively unchanged, at €52.55.
- The Discount Rate for Accor remained effectively unchanged, at 9.09%.
- The Future P/E for Accor remained effectively unchanged, at 21.12x.
Disclaimer
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