ACCOR SA (AC.PA)
FR0000120404 - Common Stock
AC gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 52 industry peers in the Hotels, Restaurants & Leisure industry. While AC is still in line with the averages on profitability rating, there are concerns on its financial health. AC has a decent growth rate and is not valued too expensively.
1. Profitability
1.1 Basic Checks
In the past year AC was profitable.
In the past year AC had a positive cash flow from operations.
Of the past 5 years AC 4 years were profitable.
The reported operating cash flow has been mixed in the past 5 years: AC reported negative operating cash flow in multiple years.
1.2 Ratios
The Return On Assets of AC (5.08%) is comparable to the rest of the industry.
Looking at the Return On Equity, with a value of 11.46%, AC is in the better half of the industry, outperforming 63.64% of the companies in the same industry.
The Return On Invested Capital of AC (6.10%) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.08% | ||
| ROE | 11.46% | ||
| ROIC | 6.1% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
Looking at the Profit Margin, with a value of 11.90%, AC is in line with its industry, outperforming 56.82% of the companies in the same industry.
AC's Profit Margin has declined in the last couple of years.
AC has a Operating Margin of 13.55%. This is comparable to the rest of the industry: AC outperforms 54.55% of its industry peers.
In the last couple of years the Operating Margin of AC has declined.
AC has a Gross Margin of 97.90%. This is amongst the best in the industry. AC outperforms 100.00% of its industry peers.
AC's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 13.55% | ||
| PM | 11.9% | ||
| GM | 97.9% |
OM growth 3Y-4.82%
OM growth 5Y-9.99%
PM growth 3Y-5.88%
PM growth 5Y-10.04%
GM growth 3Y0.24%
GM growth 5Y0.1%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), AC is destroying value.
AC has more shares outstanding than it did 1 year ago.
The number of shares outstanding for AC has been reduced compared to 5 years ago.
The debt/assets ratio for AC has been reduced compared to a year ago.
2.2 Solvency
AC has an Altman-Z score of 1.55. This is a bad value and indicates that AC is not financially healthy and even has some risk of bankruptcy.
AC has a Altman-Z score (1.55) which is comparable to the rest of the industry.
AC has a debt to FCF ratio of 8.43. This is a slightly negative value and a sign of low solvency as AC would need 8.43 years to pay back of all of its debts.
AC has a Debt to FCF ratio of 8.43. This is in the lower half of the industry: AC underperforms 63.64% of its industry peers.
A Debt/Equity ratio of 0.58 indicates that AC is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.58, AC is in line with its industry, outperforming 59.09% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 8.43 | ||
| Altman-Z | 1.55 |
ROIC/WACC4.27
WACC6.33%
2.3 Liquidity
AC has a Current Ratio of 1.30. This is a normal value and indicates that AC is financially healthy and should not expect problems in meeting its short term obligations.
AC has a Current ratio (1.30) which is comparable to the rest of the industry.
AC has a Quick Ratio of 1.29. This is a normal value and indicates that AC is financially healthy and should not expect problems in meeting its short term obligations.
AC has a Quick ratio of 1.29. This is comparable to the rest of the industry: AC outperforms 59.09% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.3 | ||
| Quick Ratio | 1.29 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 4780.00% over the past year.
Measured over the past years, AC shows a decrease in Earnings Per Share. The EPS has been decreasing by -0.29% on average per year.
AC shows a strong growth in Revenue. In the last year, the Revenue has grown by 57.84%.
The Revenue has been growing by 8.77% on average over the past years. This is quite good.
EPS 1Y4780%
EPS 3Y-3.36%
EPS 5Y-0.29%
EPS growth Q2Q8200%
Revenue growth 1Y57.84%
Revenue growth 3Y1.42%
Revenue growth 5Y8.77%
Revenue growth Q2Q39.25%
3.2 Future
AC is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 37.72% yearly.
Based on estimates for the next years, AC will show a small growth in Revenue. The Revenue will grow by 4.85% on average per year.
EPS Next Y149.47%
EPS Next 2Y65.7%
EPS Next 3Y43.98%
EPS Next 5Y37.72%
Revenue Next Year24.88%
Revenue Next 2Y14.17%
Revenue Next 3Y10.99%
Revenue Next 5Y4.85%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 13.52 indicates a correct valuation of AC.
75.00% of the companies in the same industry are more expensive than AC, based on the Price/Earnings ratio.
AC's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.92.
With a Price/Forward Earnings ratio of 16.30, AC is valued correctly.
AC's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. AC is cheaper than 68.18% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of AC to the average of the S&P500 Index (19.01), we can say AC is valued inline with the index average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.52 | ||
| Fwd PE | 16.3 |
4.2 Price Multiples
AC's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 21.57 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as AC's earnings are expected to grow with 43.98% in the coming years.
PEG (NY)0.09
PEG (5Y)N/A
EPS Next 2Y65.7%
EPS Next 3Y43.98%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 2.14%, AC has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 3.33, AC pays a bit more dividend than its industry peers.
AC's Dividend Yield is comparable with the S&P500 average which is at 2.58.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.14% |
5.2 History
The dividend of AC decreases each year by -51.51%.
Dividend Growth(5Y)-51.51%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
AC pays out 48.20% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP48.2%
EPS Next 2Y65.7%
EPS Next 3Y43.98%
ACCOR SA
EPA:AC (9/22/2023, 7:00:00 PM)
32.98
-0.22 (-0.66%)
Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst OwnersN/A
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap8.74B
Analysts80
Price Target37.65 (14.16%)
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.14% |
Dividend Growth(5Y)-51.51%
DP48.2%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)48.38%
Min EPS beat(2)48.38%
Max EPS beat(2)48.38%
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
Revenue beat(2)1
Avg Revenue beat(2)99526.7%
Min Revenue beat(2)99526.7%
Max Revenue beat(2)99526.7%
Revenue beat(4)2
Avg Revenue beat(4)49770.9%
Min Revenue beat(4)15%
Max Revenue beat(4)99526.7%
PT rev (1m)0.75%
PT rev (3m)4.64%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)1.2%
EPS NY rev (3m)21.18%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.68%
Revenue NY rev (3m)9.04%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.52 | ||
| Fwd PE | 16.3 | ||
| P/S | 1.78 | ||
| P/FCF | 21.57 | ||
| P/OCF | 15.33 | ||
| P/B | 1.72 | ||
| P/tB | N/A | ||
| EV/EBITDA | N/A |
EPS(TTM)2.44
EY7.4%
EPS(NY)2.02
Fwd EY6.14%
FCF(TTM)1.53
FCFY4.64%
OCF(TTM)2.15
OCFY6.52%
SpS18.5
BVpS19.21
TBVpS-0.89
PEG (NY)0.09
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.08% | ||
| ROE | 11.46% | ||
| ROCE | 7.41% | ||
| ROIC | 6.1% | ||
| ROICexc | 7.51% | ||
| ROICexgc | 27.05% | ||
| OM | 13.55% | ||
| PM | 11.9% | ||
| GM | 97.9% | ||
| FCFM | 8.26% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y31.65%
ROICexcg growth 5Y23.53%
ROICexc growth 3Y6.49%
ROICexc growth 5Y3.39%
OM growth 3Y-4.82%
OM growth 5Y-9.99%
PM growth 3Y-5.88%
PM growth 5Y-10.04%
GM growth 3Y0.24%
GM growth 5Y0.1%
F-Score6
Asset Turnover0.43
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 8.43 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | N/A | ||
| Cap/Sales | 3.37% | ||
| Profit Quality | 69.47% | ||
| Current Ratio | 1.3 | ||
| Quick Ratio | 1.29 | ||
| Altman-Z | 1.55 |
F-Score6
WACC6.33%
ROIC/WACC4.27
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)5.68%
Cap/Sales(5y)22.3%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
Growth
EPS 1Y4780%
EPS 3Y-3.36%
EPS 5Y-0.29%
EPS growth Q2Q8200%
EPS Next Y149.47%
EPS Next 2Y65.7%
EPS Next 3Y43.98%
EPS Next 5Y37.72%
Revenue growth 1Y57.84%
Revenue growth 3Y1.42%
Revenue growth 5Y8.77%
Revenue growth Q2Q39.25%
Revenue Next Year24.88%
Revenue Next 2Y14.17%
Revenue Next 3Y10.99%
Revenue Next 5Y4.85%
EBIT growth 1Y503.64%
EBIT growth 3Y-3.47%
EBIT growth 5Y-2.1%
EBIT Next Year135.44%
EBIT Next 3Y40.54%
EBIT Next 5Y31.48%
FCF growth 1Y167.84%
FCF growth 3YN/A
FCF growth 5Y-10.67%
OCF growth 1Y337.5%
OCF growth 3Y42.22%
OCF growth 5Y-15.83%