Duyuru • Jun 23
Mubadala Capital entered into a bid to acquire Pierre et Vacances SA (ENXTPA:VAC) from Benefits Street Partners Limited and Fidera Limited for approximately €880 million. Mubadala Capital entered into a bid to acquire Pierre et Vacances SA (ENXTPA:VAC) from Benefits Street Partners Limited and Fidera Limited for approximately €880 million on June 19, 2026. As part of consideration €877.5 million is being paid towards common equity of Pierre et Vacances SA.
The transaction is subject to subject to antitrust regulations and approval by regulatory board / committee.
The Board of Directors of the Company, at a meeting held on June 19, 2026, has unanimously welcomed favorably the proposed transaction, without prejudice to the reasoned opinion to be issued by the Board of Directors in the context of the contemplated tender offer. However, there can be no assurance that the transaction will materialize if MC does not receive, by July 17, 2026, undertakings from shareholders of the Company representing at least 80% of its outstanding share capital to tender their ordinary shares to the tender offer. In their capacity as directors, representatives of Fidera Limited, Benefit Street Partners and Pastel Holding, the Company’s largest shareholders representing, in the aggregate, 58.6% of the outstanding share capital of the Company, expressed their support for the proposed transaction at that meeting. New Risk • Jun 15
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€435m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Negative equity (-€435m). New Risk • Jun 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Negative equity (-€434m). Large one-off items impacting financial results. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Victoire Aubry was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jan 09
Pierre et Vacances SA, Annual General Meeting, Feb 12, 2026 Pierre et Vacances SA, Annual General Meeting, Feb 12, 2026. Location: 84 rue charles michels, saint denis France Duyuru • Oct 28
Pierre et Vacances SA to Report First Half, 2026 Results on May 28, 2026 Pierre et Vacances SA announced that they will report first half, 2026 results on May 28, 2026 Duyuru • Jan 09
Pierre et Vacances SA, Annual General Meeting, Feb 13, 2025 Pierre et Vacances SA, Annual General Meeting, Feb 13, 2025. Location: hotel des arts et metiers, 9 bis avenue d iena, paris France Duyuru • Sep 06
Pierre et Vacances SA to Report Fiscal Year 2025 Results on Dec 04, 2025 Pierre et Vacances SA announced that they will report fiscal year 2025 results on Dec 04, 2025 Duyuru • Sep 05
Pierre et Vacances SA to Report First Half, 2025 Results on May 28, 2025 Pierre et Vacances SA announced that they will report first half, 2025 results on May 28, 2025 Duyuru • Apr 24
Pierre et Vacances SA Provides Earnings Guidance for the Full Year 2024 Pierre et Vacances SA provided earnings guidance for the full year 2024. The group expects full-year revenue growth in line with its targets and is confident in a sharp increase in operating profitability, driven especially by strict execution of the Reinvention plan. Duyuru • Mar 01
Pierre et Vacances SA to Report Fiscal Year 2024 Results on Dec 04, 2024 Pierre et Vacances SA announced that they will report fiscal year 2024 results at 10:00 AM, Central European Standard Time on Dec 04, 2024 Duyuru • Jan 24
Pierre et Vacances SA to Report Q2, 2024 Results on Apr 23, 2024 Pierre et Vacances SA announced that they will report Q2, 2024 results After-Market on Apr 23, 2024 New Risk • Dec 31
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€426m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-€426m). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • Dec 03
Full year 2023 earnings released Full year 2023 results: Revenue: €1.79b (up 11% from FY 2022). Net loss: €63.2m (down 122% from profit in FY 2022). Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Hospitality industry in Germany. Duyuru • Nov 11
Pierre et Vacances SA, Annual General Meeting, Feb 08, 2024 Pierre et Vacances SA, Annual General Meeting, Feb 08, 2024. Duyuru • Nov 10
Pierre et Vacances SA to Report First Half, 2024 Results on May 30, 2024 Pierre et Vacances SA announced that they will report first half, 2024 results on May 30, 2024 Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €1.31, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Hospitality industry in Europe. Total loss to shareholders of 53% over the past three years. New Risk • Oct 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 67% per year for the foreseeable future. Minor Risks Negative equity (-€471m). Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Duyuru • Jul 21
Pierre et Vacances SA Provides Earnings Guidance for the Fourth Quarter of 2022/2023 Pierre et Vacances SA provided earnings guidance for the fourth quarter of 2022/2023. In view of the portfolio of reservations to date, the Group is currently expecting growth in revenue in Fourth Quarter 2022/2023 compared with Fourth Quarter 2021/2022. This growth will be less extensive than that seen over the first nine months of the year given the historically high base provided by the summer of 2022, which was particularly robust. New Risk • Jun 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 68% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 45x increase in shares outstanding). Minor Risks Negative equity (-€471m). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to €1.27, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 18x in the Hospitality industry in Europe. Total loss to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.96 per share. Duyuru • Dec 22
Pierre et Vacances SA, Annual General Meeting, Feb 16, 2023 Pierre et Vacances SA, Annual General Meeting, Feb 16, 2023. Reported Earnings • Dec 03
Full year 2022 earnings released Full year 2022 results: Revenue: €1.77b (up 89% from FY 2021). Net income: €325.0m (up €751.4m from FY 2021). Profit margin: 18% (up from net loss in FY 2021). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in Germany. Board Change • Nov 16
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). Employee Representative Director Emmanuel de Pinel de la Taule is the most experienced director on the board, commencing their role in 2020. Independent Chairman Georges Sampeur was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Nov 05
Pierre et Vacances SA to Report First Half, 2023 Results on May 26, 2023 Pierre et Vacances SA announced that they will report first half, 2023 results on May 26, 2023 Duyuru • Sep 17
Pierre et Vacances SA, Annual General Meeting, Sep 30, 2022 Pierre et Vacances SA, Annual General Meeting, Sep 30, 2022. Agenda: To the ratification of the shareholders. Reported Earnings • Jun 01
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up €392.9m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is forecast to grow 28%, compared to a 31% growth forecast for the industry in Germany. Duyuru • May 31
Pierre et Vacances SA Provides Earnings Guidance for the Fourth Quarter and Full Year of 2021/2022 Pierre et Vacances SA provided earnings guidance for the fourth quarter and full year of 2021/2022. Business growth continues in the fourth quarter, with performances expected to be higher than fourth quarter of 2019.For the full year, Revenue from the tourism businesses ahead of budget (up almost 7% compared to revenue in 2019). Breakeven Date Change • Mar 16
Forecast breakeven date moved forward to 2022 The 4 analysts covering Pierre et Vacances previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of €4.52m in 2022. Earnings growth of 148% is required to achieve expected profit on schedule. Reported Earnings • Dec 03
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €1.05b (down 10% from FY 2020). Net loss: €341.4m (loss narrowed 20% from FY 2020). Revenue missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 58%, compared to a 26% growth forecast for the restaurants industry in Germany. Breakeven Date Change • Jul 27
Forecast breakeven pushed back to 2023 The 4 analysts covering Pierre et Vacances previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 85% per year to 2022. The company is expected to make a profit of €37.2m in 2023. Average annual earnings growth of 93% is required to achieve expected profit on schedule. Reported Earnings • Jun 04
First half 2021 earnings released The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: €244.5m (down 61% from 1H 2020). Net loss: €392.7m (loss widened 146% from 1H 2020). Breakeven Date Change • Jun 04
Forecast breakeven moved forward to 2022 The 4 analysts covering Pierre et Vacances previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 26% to 2021. The company is expected to make a profit of €1.75m in 2022. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Duyuru • May 12
Pierre et Vacances SA announced that it expects to receive €83.5 million in funding Pierre et Vacances SA (ENXTPA:VAC) announced that it will receive €83.5 million in funding on May 11, 2021. The company will issue convertible bonds in the transaction. The company will receive funding in two tranches including up to €50 million in the first tranche and €33.5 million in the second tranche. Duyuru • Jan 08
Pierre et Vacances SA Announces Appointment of Franck Gervais as CEO The Board of Directors of Pierre et Vacances SA met and nominated Franck Gervais as CEO of the Pierre & Vacances-Center Parcs Group. He is to take up his position on 7 January 2021. He will be seconded by Patricia Damerval (Executive CEO), the members of the Executive Committee and all of the Group teams. Franck Gervais is also a member of the Board of Directors of La Poste as a qualified personality (2020) and Chairman of the Board of Directors of Union des Marques (2019). Duyuru • Jan 06
Pierre et Vacances SA, Annual General Meeting, Feb 01, 2021 Pierre et Vacances SA, Annual General Meeting, Feb 01, 2021. Reported Earnings • Dec 26
Full year 2020 earnings released: €44.51 loss per share The company reported a poor full year result with increased losses and weaker revenues and control over expenses. Full year 2020 results: Revenue: €1.17b (down 27% from FY 2019). Net loss: €425.2m (loss widened €392.2m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 76% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 26
Revenue misses expectations Revenue missed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 17%, compared to a 27% growth forecast for the Hospitality industry in Germany. Is New 90 Day High Low • Nov 05
New 90-day low: €9.30 The company is down 31% from its price of €13.50 on 06 August 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.95 per share. Is New 90 Day High Low • Oct 19
New 90-day low: €11.45 The company is down 28% from its price of €16.00 on 21 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.14 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €12.55 The company is down 28% from its price of €17.55 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.36 per share.