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TRANSPORTATION: Accor; 8y FV

TRANSPORTATION

(ACFP; NR/BBB-/BBB- Pos)

Likely to price through FV but we are tad confused why higher margin, similar double-digit growing and higher rated IHG is priced +10bps wide of Accor. Regardless levels among the three hotel operators are interesting - concerns will be if a Europe led slowdown in discretionary spend is coming.

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(ACFP; NR/BBB-/BBB- Pos)

Likely to price through FV but we are tad confused why higher margin, similar double-digit growing and higher rated IHG is priced +10bps wide of Accor. Regardless levels among the three hotel operators are interesting - concerns will be if a Europe led slowdown in discretionary spend is coming.

Keep reading...Show less