Accor, the largest increase in the ACC after its disposal
The action Accor is the largest increase in the CAC 40 Tuesday morning at the Paris Stock Exchange after the announcement by the group of transfer walls 48 of its hotels in Europe for 367 million euros and an insurer a property company.
"The achievement of a significant number of assignments, the return of property investment companies in the market for hotels and good conditions of the transaction, all this confirms the potential value creation of the group's property portfolio," said a trader.
He added that Accor, which publishes Thursday its first half results, "is ahead of its targets on asset disposals, which confirms the willingness of management to accelerate the deleveraging of the group.
CM-CIC Securities considers the "positive set" and also stresses that it "is in line with the strategy" asset-right "Accor launched this year and will result in debt reduction the coming years.
It "also addresses the second goal of Accor, namely get flexibility on the rent with a lease variable," said the broker, which reiterates its advice to buy with a target price of 32 euros.
Credit Suisse is neutral and maintains its price target to 26 euros in the expectation of semi.The broker believes that the disposals will have a limited impact on earnings per share.
The bank added that its 26 euro price target incorporates the potential for recovery of Accor.
The sale announced Monday walls was performed for 80% of the amount with Predica insurance arm of Credit Agricole, and the rest with the Land Walls, a subsidiary of Land Regions.
At 11:10, Accor gains 0.49% to 23.475 euros while the CAC 40 lost 1.37%. Property Walls is 0.35% and Land areas lost 1.21%.
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