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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (45822)	12/5/2011 11:39:48 PM
From: NikhilJog	Read Replies (1) \| Respond to of 78748

Paul - tell you what. there is one business of Accour, thats usually never fully priced into the stock. If you cannot find that out in 2 days, i will write back to you on it. I read it in an interview by CIO of southeastern asset management. they hold a large chunk of Accor. So afterall, if might not be such a bad buy for you..

To: Paul Senior who wrote (45822)	12/7/2011 9:55:39 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78748

Accor - AC.PA- earnings are about 1.3 Euro, dividend is 0.6Euro and the shares are at about 20Euros. This does not look cheap but I believe they have significantly higher earnings power based on earlier results. The sale of their prepaid business fixed the balance sheet and they are close to debt free, except lease obligations. The stock used to carry a substantial growth premium but that is not the case any more. I think they are good hotel operators but poor capital allocators but he latter may have changed for the better. I believe their earnings power exceeds 2Euro/share normalized, but may take them a while to get there.