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Accor May Be Worth EU45/Shr by 2016, Exane Says, Raises PT 2014-02-10 09:23:57.316 GMT
By Heather Burke Feb. 10 (Bloomberg) -- Accor’s new strategy to separate business into hotel owning and operating may boost accountability, capital allocation through changed mgmt incentives, Exane says. * In HotelInvest may need ~EU2b to buy back ~200 hotels from its good quality leased properties to hit target of >75% net oper. inc. from owned hotels * Could finance through cash, debt, possible raising equity * May lead to partial listing of HotelInvest * Accor may be worth EU45-shr in 2016 assuming co. ends 200 weak leases, buys back 200 good ones * PT raised to EU36 from EU31, rates neutral
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--Editor: Gaurav Panchal
To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net