Accor: confident for 2024 after 'record' 2023 results
February 22, 2024 at 03:41 am EST
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Accor said on Thursday that it was confident about its growth prospects for 2024, after posting "record" results last year.
The hotel group said that it had topped the billion-euro mark in EBITDA for the first time in its history last year.
EBITDA for 2023 stood at 1,003 million euros, up 49% on a reported basis and 55% on a like-for-like basis.
In a press release, Accor points out that all its performance indicators were in line with or better than the forecasts it had previously provided.
It explains this good performance by the strong upturn in business, combined with strict cost discipline.
In fiscal 2023, sales rose by 18% on a like-for-like basis to 5,056 million euros.056 million euros.
With regard to its outlook, the Group confirmed its medium-term targets unveiled last year, which include EBITDA growth of between 9% and 12% a year over the period 2023-2027.
In addition, a share buyback program worth around 400 million euros will be launched in fiscal 2024.
For Stifel analysts, the French group has 'ticked all the right boxes' with this publication.
We think this announcement should be welcomed and drive the share price higher, especially in view of Accor's significant discount to its closest comparable, InterContinental Hotels Group (IHG)", they point out.
On the Paris Bourse, Accor shares climbed almost 4% on Thursday morning, making them one of the strongest performers in the SBF 120 index.
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Accor is the No. 1 European hotel group. Net sales break down by activity as follows:
- operating hotels under management contract (74.7%; HotelServices);
- owned and leased hotel management (25.3%). In addition, the group offers a business of renting luxury private residences, as well as providing digital services to independent hoteliers, concierge services, etc.
At the end of 2023, the group operates a network of 5,584 hotels (821,518 rooms) distributed primerly between luxury and top-range hotels (978 hotels; Raffles, Fairmont, Sofitel, Pullman, MGallery, Swissotel, Grand Mercure, Mövenpick, The Sebel and Rixos names), mid-range hotels (1,732; Novotel, Novotel Suites, Mercure, adagio, Mama Shlter and Tribe), and economy hotels (2,826; ibis, ibis Styles, ibis budget, adagio access, hotelF1, Formule 1, Jo&Joe, Breakfree and Greet).