Kepler Cheuvreux ups Accor on 'overly pessimistic' valuation after this week's slump

Accor SA

04/03/2026 11:59

** Kepler Cheuvreux upgrades French hotel group Accor ACCP.PA to "buy" from "hold", saying the recent share price drop has pushed the stock to an overly pessimistic valuation

** The stock dropped almost 12% over Monday and Tuesday after the Middle East conflict escalated with U.S., Israeli strikes on Iran - LSEG data

** Kepler flags the group's exposure in the region - about 10% of rooms and 10-15% of fees - as a short‑term risk, though it notes the impact was limited in 2023

** The broker cites solid FY25 results, with recurring EBITDA at 1.2 billion euros ($1.39 billion), and strong luxury and lifestyle momentum

** Kepler also points to Accor's 2023-27 plan of 3-4% RevPAR growth, 3-5% net unit growth and a 9-12% recurring EBITDA CAGR

** Out of 19 analysts covering Accor, 17 rate the stock "strong buy"/"buy," ​and two rate it "hold" - LSEG data

** Accor shares rise 4% in early afternoon trade

($1 = 0.8615 euros)

(Reporting by Jerome Terroy)

((jerome.terroy@thomsonreuters.com))