OTCPK:ACRF.F

Stock Analysis Report

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Executive Summary

Accor SA operates a chain of hotels. It operates through three segments: HotelServices, Hotel Assets & Others, and New Businesses.


Snowflake Analysis

Excellent balance sheet, good value and pays a dividend.


Similar Companies

Share Price & News

How has Accor's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ACRF.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-10.9%

ACRF.F

0.4%

US Hospitality

2.5%

US Market


1 Year Return

-45.4%

ACRF.F

-28.4%

US Hospitality

15.9%

US Market

Return vs Industry: ACRF.F underperformed the US Hospitality industry which returned -28.3% over the past year.

Return vs Market: ACRF.F underperformed the US Market which returned 14.9% over the past year.


Shareholder returns

ACRF.FIndustryMarket
7 Day-10.9%0.4%2.5%
30 Day-8.2%-0.04%5.8%
90 Day-5.5%15.8%18.2%
1 Year-45.4%-45.4%-26.9%-28.4%18.4%15.9%
3 Year-47.2%-47.2%-22.2%-27.5%39.9%30.9%
5 Year-49.9%-49.9%-6.6%-16.6%72.9%54.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Accor undervalued compared to its fair value and its price relative to the market?

8.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ACRF.F ($24.99) is trading below our estimate of fair value ($27.19)

Significantly Below Fair Value: ACRF.F is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: ACRF.F is good value based on its PE Ratio (14.4x) compared to the US Hospitality industry average (26.9x).

PE vs Market: ACRF.F is good value based on its PE Ratio (14.4x) compared to the US market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: ACRF.F is poor value based on its PEG Ratio (3x)


Price to Book Ratio

PB vs Industry: ACRF.F is good value based on its PB Ratio (0.8x) compared to the US Hospitality industry average (1.6x).


Next Steps

Future Growth

How is Accor forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?

4.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ACRF.F's forecast earnings growth (4.8% per year) is above the savings rate (2.2%).

Earnings vs Market: ACRF.F's earnings (4.8% per year) are forecast to grow slower than the US market (22.3% per year).

High Growth Earnings: ACRF.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: ACRF.F's revenue (2.5% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: ACRF.F's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ACRF.F's Return on Equity is forecast to be low in 3 years time (5%).


Next Steps

Past Performance

How has Accor performed over the past 5 years?

2.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ACRF.F has a large one-off gain of €177.0M impacting its December 31 2019 financial results.

Growing Profit Margin: ACRF.F became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: ACRF.F's earnings have grown by 2.9% per year over the past 5 years.

Accelerating Growth: ACRF.F has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: ACRF.F has become profitable in the last year, making it difficult to compare its past year earnings growth to the Hospitality industry (-41.9%).


Return on Equity

High ROE: ACRF.F's Return on Equity (6.7%) is considered low.


Next Steps

Financial Health

How is Accor's financial position?


Financial Position Analysis

Short Term Liabilities: ACRF.F's short term assets (€5.0B) exceed its short term liabilities (€2.9B).

Long Term Liabilities: ACRF.F's short term assets (€5.0B) exceed its long term liabilities (€4.0B).


Debt to Equity History and Analysis

Debt Level: ACRF.F's debt to equity ratio (44.8%) is considered high.

Reducing Debt: ACRF.F's debt to equity ratio has reduced from 72.2% to 44.8% over the past 5 years.

Debt Coverage: ACRF.F's debt is well covered by operating cash flow (20.5%).

Interest Coverage: ACRF.F's interest payments on its debt are well covered by EBIT (9.4x coverage).


Balance Sheet


Next Steps

Dividend

What is Accor current dividend yield, its reliability and sustainability?

4.89%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ACRF.F's dividend (4.89%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: ACRF.F's dividend (4.89%) is in the top 25% of dividend payers in the US market (4.51%)


Stability and Growth of Payments

Stable Dividend: ACRF.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: ACRF.F's dividend payments have not increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (70.5%), ACRF.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ACRF.F's dividends in 3 years are forecast to be covered by earnings (70.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Sébastien Bazin (59 yo)

7yrs

Tenure

€4,411,720

Compensation

Mr. Sébastien M. Bazin serves as the Vice-Chairman of the Supervisory Board of Buffalo Grill S.A. Mr. Bazin has been Acting Chairman and Chief Executive Officer of Accor S.A. since 2013 and has been its Di ...


CEO Compensation Analysis

Compensation vs Market: Sébastien's total compensation ($USD5.22M) is about average for companies of similar size in the US market ($USD7.31M).

Compensation vs Earnings: Sébastien's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Sébastien Bazin
Chairman & CEO7yrs€4.41m0.071%
€ 4.6m
Jean-Jacques Morin
Deputy CEO & CFO1.58yrsno datano data
Sébastien Valentin
Senior Vice Presidentno datano datano data
Carina Martin
Vice President of Media Relations Worldwideno datano datano data
Steven Taylor
Chief Marketing Officer1.25yrsno datano data
Steven Daines
Chief Talent & Culture Officer0.75yrno datano data
Dominique Esnault
Global Chief Partners & Hotel Services Officerno datano datano data
Michael Issenberg
Chief Executive Officer of Asia-Pacific12.5yrsno datano data
Isabelle Birem
Senior Vice President of Customer Relations & Loyaltyno datano datano data
Cedric Gobilliard
Senior Vice President of Global Sales and Head of Lifestyle Division8.58yrsno datano data
Sami Nasser
Chief Operating Officer of Middle1.83yrsno datano data
Laurent Picheral
Chief Transformation Officer1.75yrsno datano data

1.8yrs

Average Tenure

58yo

Average Age

Experienced Management: ACRF.F's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Sébastien Bazin
Chairman & CEO7yrs€4.41m0.071%
€ 4.6m
Henri M. E. V. d'Estaing
Chairmanno datano datano data
Iris Knobloch
Vice Chairman & Senior Independent Director4.08yrs€211.93k0.00039%
€ 25.4k
Sarmad El Zok
Non-Independent Director4.08yrs€146.55k0.011%
€ 728.6k
Isabelle Simon
Independent Director4.08yrs€133.32k0.00039%
€ 25.4k
Sheikh Nawaf Jassim Bin Jabor Al-Thani
Director3.42yrs€73.14k0.00039%
€ 25.4k
Sophie Gasperment
Independent Director10.17yrs€143.46k0.00061%
€ 39.8k
Iliane Dumas
Employee Representative Director6.25yrs€96.97kno data
Aziz Fakhroo
Non-Independent Director4.08yrs€169.68k0.00039%
€ 25.4k
Jiang Qionger
Independent Director4.08yrs€113.83k0.00078%
€ 50.9k
Nicolas Sarkozy
Independent Director3.5yrs€85.60k0.00040%
€ 26.1k
Chantale Hoogstoel
Employee Representative Director2.58yrs€93.65kno data

4.1yrs

Average Tenure

54yo

Average Age

Experienced Board: ACRF.F's board of directors are considered experienced (4.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Accor SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Accor SA
  • Ticker: ACRF.F
  • Exchange: OTCPK
  • Founded: 1967
  • Industry: Hotels, Resorts and Cruise Lines
  • Sector: Consumer Services
  • Market Cap: €5.514b
  • Listing Market Cap: €6.523b
  • Shares outstanding: 256.94m
  • Website: https://group.accor.com/en

Number of Employees


Location

  • Accor SA
  • 82, rue Henri Farman
  • CS 20077
  • Issy-les-Moulineaux
  • Ile-de-France
  • 92445
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACRF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
ACENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1992
ACRDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0H59LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
ACPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
ACC-UETLX (Eurotlx)YesOrdinary SharesITEURJan 1992
ACSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1992
ACWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992
ACC NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992
ACCY.YOTCPK (Pink Sheets LLC)SPON ADR EACH REPR 5 ORDUSUSDOct 2008
ACR1DB (Deutsche Boerse AG)SPON ADR EACH REPR 5 ORDDEEUROct 2008

Biography

Accor SA operates a chain of hotels. It operates through three segments: HotelServices, Hotel Assets & Others, and New Businesses. The company owns, operates, manages, and franchises hotels. It also provid ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/04 00:43
End of Day Share Price2020/07/31 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.