Accor S.A. (AC.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+79.6%

€84.42

vs €47.01 price

Levered DCF

€88.52

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.68

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.95×	20.1×	14.42×	16.68×	149.74×	-3.41×	26.94×	-137.44×
P/B	3.14×	2.44×	2.32×	1.51×	2.27×	2.51×	1.66×	1.69×
P/S	2.38×	2.19×	1.81×	1.45×	3.38×	4.79×	2.8×	3.26×
EV / EBITDA	13.78×	11.08×	10.34×	13.07×	469.6×	-7.4×	12.7×	19.03×
Gross margin	52.9%	48.9%	50.5%	43.0%	27.3%	11.3%	41.4%	20.5%
Operating margin	15.4%	14.0%	15.4%	10.6%	-10.3%	-41.0%	13.2%	15.4%
Net margin	8.0%	10.9%	12.5%	9.5%	2.3%	-140.5%	10.4%	-2.4%
Current ratio	1.05×	1.05×	0.98×	1.23×	1.17×	1.26×	1.57×	1.24×
Debt / equity	1×	0.74×	0.86×	1.07×	1.39×	1.57×	0.54×	0.64×
Interest coverage	5.51×	5.95×	5.81×	3.85×	-2.01×	-7.73×	6.94×	8.88×
Dividend yield	2.4%	2.4%	3.3%	0.2%	0.0%	0.0%	2.5%	2.9%
Payout ratio	72.8%	48.9%	46.9%	3.0%	2.0%	-0.1%	66.8%	-392.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	12.1%	16.1%	9.9%	1.5%	-73.6%	6.2%	-1.2%
Return on invested capital	6.9%	6.2%	7.9%	3.9%	-2.6%	-7.4%	3.4%	-1.0%
Return on assets	3.8%	5.1%	5.6%	3.4%	0.5%	-21.6%	3.0%	-0.6%
Free cash flow yield	4.6%	3.6%	4.5%	6.3%	-4.6%	-7.3%	2.5%	-3.9%
Earnings yield	3.3%	5.0%	6.9%	6.6%	0.7%	-29.3%	3.7%	-0.7%
Enterprise value	€16.5B	€14.8B	€11.2B	€8.8B	€10.3B	€10.1B	€12.8B	€11.9B
Net debt / EBITDA	2.58×	1.87×	1.92×	3.99×	131.27×	-1.74×	1.41×	1.93×
Cash conversion cycle (days)	13	7	-10	16	66	85	20	11