ACRFF - Accor Remains Reasonably Valued Compared To Peers
2024-03-27 05:14:30 ET
Summary
- Accor has been a somewhat mixed performer since my last update, returning a healthy 25% in that time albeit underperforming its US-listed peers.
- Accor's business continues to perform well, with little signs of a downturn due to slowing global economic growth. Latent demand from COVID can help sustain this.
- Accor is outperforming at the business level, but its valuation discount to peers has only become wider. As the cheapest in its peer group, the stock looks attractive.
French lodging giant Accor ( OTCPK:ACRFF )( OTCPK:ACCYY ) has done okay since my previous update last summer. The stock has returned around 25% in that time, which is strong in isolation but represents anywhere between 300 and 1,600bps of underperformance versus US-listed peers....
Accor Remains Reasonably Valued Compared To Peers