Corporate Finance, ACCOR

Analyse financière Comptabilité & finances Finance

Date de publication :

06/03/2008

Langue :

Français

Format :

.pdf

Nombre de pages :

16 pages

Niveau :

avancé

Consulté :

2 fois

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Validé par :

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Sommaire :

Sommaire

Corporate Finance Question 1
1. Describe in what business Accor operates
2. Describe in what assets Accor has invested most capital
3. Describe how profits have developed over the 2004-2006 period
4. How sensitive profits are to changes in the dollar-to-euro exchange rate, interest rates, and RevPAR.
Corporate finance Question 2
1. Why leverage may create value for a company in the presence of taxes?
2. Hypothesize whether in the year 2004, Accor had too much debt, its optimal amount of debt, or too little debt.
3. Use the wacc figures to support your argument
4. Hypothesize why Accor has started a debt-reduction program some years ago, whereas in theory debt may create value to a company
5. Hypothesize whether the capm beta of Accor's shares has gone up, remained equal or has gone down over the 2004-2006 period
Corporate finance Question 3
1. Explain what the capm beta is, and how it is calculated. Give also the formula.
2. Report the beta you have found on the Internet, and indicate where you have found it, and at what date
3. Report the Accor share data Report the CAC40 data
4. Report your own capm beta and comment the differences with the beta found on the Internet
Corporate finance Question 4
1. Why Accor would still keep the Upscale and Midscale Hotels if their profitability is so much less than the Economy Hotels?
2. What concrete actions Accor may take to increase the profitability of the upscale and midscale hotels, or alternatively explain why you believe increasing the profitability of the upscale and midscale hotels is impossible
3. What sorts of services are so profitable?
4. Why it is not an option to get rid of all hotels and provide services only?

Résumé :

1. Describe in what business accor operates. accor is one of the largest French multinational hotel chain corporations. This company which is part of the CAC 40 index, has its main business specialized in running hotels and restaurants and specialized services. accor possess more than 4,000 hotels worldwide, including luxurious brands as Sofitel, Novotel, Mercure, Ibis, or Etap and Formule 1 and many other low - range hotel as Motel 6 in USA and Canada. accor has also developed services related to hotels and restaurants as "Ticket Restaurant", and also have casinos, or travel agencies. This European leader in tourism operates in more than 100 countries thanks to 170,417 employees. Its hotels start from upscale as Sofitel, to mid-scale as Mercure and to budget hotels as Etap. accor covers the entire range of hotels chain and owns 450 641 rooms all over the world, for every budget. accor realizes mainly its turnover in Europe with 68%, 15% for North America and 10% the rest of the world, and principally made its turnover thanks to its mid-scale and economic hotels as Mercure. Services and other businesses represent 18%.