Pierre et Vacances - Local hero

Pierre et Vacances is successfully repositioning itself under new management in the increasingly popular market of local and environmentally friendly tourism. After last year's restructuring, premiumisation of established brands, higher-than-expected cost savings, developing ancillary spend and portfolio rationalisation helped to deliver FY23 EBITDA well above latest guidance (€137m vs €130m+) and 30% up year-on-year, adjusted for COVID-19 support in FY22. Early indications for the current year are also positive, driving guidance of EBITDA of €145-150m, backed by clear guest satisfaction with upscaling and further efficiencies. This may be cautious if the loss-making operating leases of Seniorales are excluded (sale imminent), thereby reducing consensus FY24e EV/EBITDA of under 5x.

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