André, RosárioRodrigues, Guilherme Jorge2024-10-222024-10-222024-02-012023-12-20http://hdl.handle.net/10362/173878This equity research on AccorHotels is divided between two parts. The first part aims to analyze key hotel industry drivers, such as rooms, RevPAR and the M&A activity. Moreover, it provides a thorough company description. The second part delves into the crucial factors influencing the valuation. It covers projections for revenues, cost structure, and invested capital. The culmination is a scenario-based Discounted Cash Flow (DCF) - Weighted Average Cost of Capital (WACC) analysis to determine a target price and provide a sell/hold/buy recommendation. The discounted cash flow analysis established a target price of €37.8 for December 2024. This assessment leads to a total return of 18%, resulting in a BUY recommendation.engEquity researchTourism sectorAccorhotelsValuationmaster thesis203604130