ENXTPA:VAC

Stock Analysis Report

Executive Summary

Pierre & Vacances SA, through its subsidiaries, engages in holiday accommodation and holiday property investment activities.

Snowflake

Fundamentals

Fair value with moderate growth potential.


Similar Companies

Share Price & News

How has Pierre & Vacances's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.2%

ENXTPA:VAC

0.3%

FR Hospitality

-0.2%

FR Market


1 Year Return

-43.7%

ENXTPA:VAC

-2.9%

FR Hospitality

-1.7%

FR Market

VAC underperformed the Hospitality industry which returned -2.3% over the past year.

VAC underperformed the Market in France which returned -0.8% over the past year.


Share holder returns

VACIndustryMarket
7 Day0.2%0.3%-0.2%
30 Day-0.4%-1.2%-3.9%
90 Day-4.6%3.6%-0.7%
1 Year-43.7%-43.7%-0.2%-2.9%1.6%-1.7%
3 Year-60.2%-60.2%5.8%-3.1%39.6%26.0%
5 Year-46.0%-46.0%31.3%9.9%53.8%31.0%

Price Volatility Vs. Market

How volatile is Pierre & Vacances's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Pierre & Vacances undervalued based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Pierre & Vacances's share price is below the future cash flow value, and at a moderate discount (> 20%).

Pierre & Vacances's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Pierre & Vacances is loss making, we can't compare its value to the FR Hospitality industry average.

Pierre & Vacances is loss making, we can't compare the value of its earnings to the France market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Pierre & Vacances, we can't assess if its growth is good value.


Price Based on Value of Assets

Pierre & Vacances is good value based on assets compared to the FR Hospitality industry average.


Next Steps

Future Growth

How is Pierre & Vacances expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

105.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Pierre & Vacances's revenue is expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).

Pierre & Vacances's earnings are expected to grow significantly at over 20% yearly.

Pierre & Vacances's revenue growth is positive but not above the France market average.

Pierre & Vacances's earnings growth is expected to exceed the France market average.

Pierre & Vacances's earnings growth is expected to exceed the low risk savings rate of 0.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Pierre & Vacances is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Pierre & Vacances performed over the past 5 years?

-33.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Pierre & Vacances does not make a profit and their year on year earnings growth rate was negative over the past 5 years.

Unable to compare Pierre & Vacances's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare Pierre & Vacances's 1-year growth to the FR Hospitality industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if Pierre & Vacances has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

It is difficult to establish if Pierre & Vacances has efficiently used its assets last year compared to the FR Hospitality industry average (Return on Assets) as it is loss-making.


Return on Capital Employed

It is difficult to establish if Pierre & Vacances improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


Next Steps

Financial Health

How is Pierre & Vacances's financial position?


Financial Position Analysis

Pierre & Vacances's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Pierre & Vacances's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Pierre & Vacances's level of debt (179.1%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (107.2% vs 179.1% today).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 2.7x debt.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Pierre & Vacances has sufficient cash runway for more than 3 years based on current free cash flow.

Pierre & Vacances has sufficient cash runway for 2.8 years if free cash flow continues to grow at historical rates of 92.6% each year.


Next Steps

Dividend

What is Pierre & Vacances's current dividend yield, its reliability and sustainability?

0.39%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Unable to evaluate Pierre & Vacances's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate Pierre & Vacances's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as Pierre & Vacances has not reported any payouts.

Unable to verify if Pierre & Vacances's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as Pierre & Vacances has not reported any payouts.


Future Payout to Shareholders

No need to calculate the sustainability of Pierre & Vacances's dividends in 3 years as they are not expected to pay a notable one for France.


Next Steps

Management

What is the CEO of Pierre & Vacances's salary, the management and board of directors tenure and is there insider trading?

3.5yrs

Average management tenure


CEO

Olivier Brémond (57yo)

0.9yrs

Tenure

€66,392

Compensation

Mr. Olivier Brémond has been Director at Pierre & Vacances Group (formerly known as THE PIERRE & VACANCES-CENTER PARCS GROUP) since July 10, 1995 and its Chief Executive Officer since September 3, 2018. Mr ...


CEO Compensation Analysis

Olivier's remuneration is lower than average for companies of similar size in France.

Olivier's compensation has increased whilst company is loss making.


Management Age and Tenure

3.5yrs

Average Tenure

57yo

Average Age

The tenure for the Pierre & Vacances management team is about average.


Board Age and Tenure

7.7yrs

Average Tenure

62.5yo

Average Age

The tenure for the Pierre & Vacances board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Patricia Damerval (55yo)

    Deputy CEO & Director

    • Tenure: 13.8yrs
    • Compensation: €544.04k
  • Martine Balouka-Vallette (68yo)

    CEO of Tourism & Director

    • Tenure: 4.7yrs
    • Compensation: €636.57k
  • Olivier Brémond (57yo)

    CEO & Director

    • Tenure: 0.9yrs
    • Compensation: €66.39k
  • Vanessa Diriart

    MD of Center Parcs France and Vice CEO of Sales & Marketing - Center Parcs Europe

    • Tenure: 0.0yrs
  • Mark Haak Wegmann

    CEO of Real Estate Development & Construction for Belgium/Netherlands/Germany & New Foreign Markets

    • Tenure: 0.0yrs
  • Philippe Pages

    Director of Asset Management

    • Tenure: 0.0yrs
  • José-Maria Pont

    Chief Executive Officer of Pierre & Vacances Spain

    • Tenure: 0.0yrs
  • Karim Malak

    Chief Executive Officer of Aparthotels Adagio

    • Tenure: 3.5yrs
  • Loïc Delboulbé

    Group Human Resources Director

    • Tenure: 0.0yrs
  • Emeline Lauté

    Investor Relations and Strategic Operations

    • Tenure: 0.0yrs

Board Members

  • Bertrand Méheut (68yo)

    Director

    • Tenure: 3.5yrs
    • Compensation: €30.00k
  • Gérard Brémond (82yo)

    Chairman

    • Tenure: 30.8yrs
    • Compensation: €552.34k
  • Patricia Damerval (55yo)

    Deputy CEO & Director

    • Tenure: 13.8yrs
    • Compensation: €544.04k
  • Martine Balouka-Vallette (68yo)

    CEO of Tourism & Director

    • Tenure: 4.7yrs
    • Compensation: €636.57k
  • Olivier Brémond (57yo)

    CEO & Director

    • Tenure: 0.9yrs
    • Compensation: €66.39k
  • Delphine Brémond (53yo)

    Director

    • Tenure: 10.7yrs
    • Compensation: €30.00k
  • Andries Olijslager (75yo)

    Director

    • Tenure: 10.8yrs
    • Compensation: €33.00k
  • Annie Famose (75yo)

    Director

    • Tenure: 3.5yrs
    • Compensation: €33.00k
  • Amélie Blanckaert (44yo)

    Director

    • Tenure: 2.5yrs
    • Compensation: €30.00k
  • Alma Brémond (23yo)

    Director

    • Tenure: 2.5yrs
    • Compensation: €30.00k

Company Information

Pierre & Vacances SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Pierre & Vacances SA
  • Ticker: VAC
  • Exchange: ENXTPA
  • Founded: 1967
  • Industry: Hotels, Resorts and Cruise Lines
  • Sector: Consumer Services
  • Market Cap: €154.464m
  • Shares outstanding: 9.53m
  • Website: https://www.groupepvcp.com

Number of Employees


Location

  • Pierre & Vacances SA
  • L’Artois
  • Espace Pont de Flandre
  • Paris
  • Ile-de-France
  • 75947
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VACENXTPA (Euronext Paris)YesOrdinary SharesFREURJun 1999
PV6DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 1999
0OQ0LSE (London Stock Exchange)YesOrdinary SharesGBEURJun 1999
VACPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 1999

Biography

Pierre & Vacances SA, through its subsidiaries, engages in holiday accommodation and holiday property investment activities. It operates through Tourism and Property Development segments. The Tourism segme ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 20:34
End of Day Share Price2019/08/20 00:00
Earnings2019/03/31
Annual Earnings2018/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.