olivLaw · European equity research
Pierre et Vacances VAC.PA
France · Euronext Paris · ISIN FR0000073041 · Vertical: Listed companies from France
Pierre et Vacances is a European tourism group that operates residences and Center Parcs villages, and for fiscal 2026 it confirms an adjusted EBITDA guidance of 185 mn EUR. Its strategic plan targets adjusted EBITDA of 270 mn EUR by 2030, in a context of a change in shareholding.
At the close of 05 Nov 2026, Pierre et Vacances (VAC.PA) stock was 1.87 EUR (+0.11% on the day), with market capitalisation 901.4 m EUR, P/E 26.8 on diluted EPS of 0.07 EUR over the last 12 months, beta 0.68, 52-week range 1.52–1.98 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.1
- neutral
- Bollinger (20, 2)
- 1.86 – 1.89
- in the upper half of the band · %B 0.58 · band width 1.7%
- SMA 50 / 200
- 1.86 / 1.83
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −0.6% | +0.9 pp | — |
| 3 months | −0.1% | −4.2% | +4.1 pp | — |
| 6 months | −3.1% | +4.3% | −7.4 pp | — |
| Year to date | +0.2% | +7.5% | −7.3 pp | — |
| 1 year | +20.0% | +9.9% | +10.1 pp | −6.8% |
| 3 years | +45.7% | +49.8% | −4.1 pp | −15.9% |
| 5 years | −20.8% | +42.8% | −63.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 24.2, median 29.7, max 35.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | unavailable | +1.8% | +2.7% |
| Net income | -63.1 m | 20.0 m | 33.7 m |
| Net income YoY | unavailable | unavailable | +68.1% |
| Diluted EPS | -0.14 | 0.04 | 0.07 |
| Diluted EPS YoY | unavailable | unavailable | +75.0% |
| net % | -3.5% | 1.1% | 1.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 97.7 m EUR
- Financial debt
- 48.9 m EUR
- Net debt
- -48.9 m EUR
- Equity
- -342.2 m EUR
- Total assets
- 3.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.57x
- ROE
- unavailable
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.9 bn | esef· 08 Jan 2026verified |
| Operating income | 189.0 m | 224.8 m | 236.6 m | esef· 08 Jan 2026verified |
| Interest expense | 251.2 m | 227.8 m | 194.7 m | esef· 08 Jan 2026verified |
| Income tax | 19.3 m | 740.0 k | 16.6 m | esef· 08 Jan 2026verified |
| Net income | -63.1 m | 20.0 m | 33.7 m | esef· 08 Jan 2026verified |
| Diluted EPS | -0.14 | 0.04 | 0.07 | esef· 08 Jan 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 468.8 m | 86.9 m | 97.7 m | esef· 08 Jan 2026verified |
| Receivables | 171.7 m | 170.4 m | 158.3 m | esef· 08 Jan 2026verified |
| Inventories | 135.9 m | 121.7 m | 151.0 m | esef· 08 Jan 2026verified |
| Current assets | — | 665.4 m | 653.8 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 274.6 m | 302.5 m | 336.2 m | esef· 08 Jan 2026verified |
| Goodwill | 140.1 m | 142.5 m | 146.1 m | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 130.2 m | 140.8 m | 145.3 m | esef· 08 Jan 2026verified |
| Total assets | 4.4 bn | 3.8 bn | 3.8 bn | esef· 08 Jan 2026verified |
| Long-term debt | 329.0 m | 38.9 m | 48.9 m | esef· 08 Jan 2026verified |
| Current liabilities | — | 1.2 bn | 1.2 bn | esef· 08 Jan 2026verified |
| Equity | -425.8 m | -381.2 m | -342.2 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 450.7 m | 500.7 m | 481.0 m | esef· 08 Jan 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 901.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.78 – 2.09 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.78 – 2.09 (Mid 1.20)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.8% | 59 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 26.8x | 43 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial59/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial43/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PIERRE ET VACANCES (VAC.PA). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 1.9 bn EUR in 2025; YoY growth 2.7%; net margin 1.8%.
The estimated value range is 0.78–2.09 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.20 EUR, the price of 1.87 EUR leaves a potential of -36.0% (value / price − 1) and a margin of safety of -56.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 1.2x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| VAC.PAPierre Et Vacances | 901.4 m | 26.8 | — | 1.8% | +2.7% | +18% / +36% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for VAC.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.09 Total return -42% · Per year -42% | 1.92 Total return 3% · Per year 3% | 2.90 Total return 55% · Per year 55% |
| 3 years | 1.02 Total return -46% · Per year -18% | 2.03 Total return 8% · Per year 3% | 3.36 Total return 79% · Per year 22% |
| 5 years | 0.95 Total return -49% · Per year -13% | 2.14 Total return 14% · Per year 3% | 3.90 Total return 108% · Per year 16% |
- Exit P/E± 0.51
- Net margin± 0.35
- Annual revenue growth± 0.30
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pierre et Vacances is a European tourism group that operates residences and Center Parcs villages, and for fiscal 2026 it confirms an adjusted EBITDA guidance of 185 mn EUR 1. Its strategic plan targets adjusted EBITDA of 270 mn EUR by 2030 1, in a context of a change in shareholding.
SWOT
Strengths
Weaknesses
- The age of some site assets may reduce attractiveness and the quality of the customer experience 1.
- Reliance on major renovation investment, a large part financed by the group, can put pressure on the balance sheet 1.
- Risks in attracting and retaining staff may affect operational capacity and service quality 1.
Opportunities
- Expanding the accommodation portfolio, including through asset-light models, could support revenue growth 1.
- Developing maeva and the campsite offer could open new customer segments 1.
- Partnerships with institutional investors could finance projects without overly straining the group's balance sheet 1.
Risks
- Competition and loss of attractiveness riskhigh
The growth of alternative accommodation can affect site occupancy and keep pressure on prices, while missed renovation investment could accelerate asset ageing 1.
- Cyber riskhigh
Digitalised distribution increases exposure to cyberattacks and system failures, which could affect operations and personal data 1.
- Project development and execution riskmedium
Scarce available land, appeals against permits and investor reluctance can slow development and generate unanticipated costs 1.
- Staff attraction and retention riskmedium
Difficulty recruiting and retaining key employees can affect operational capacity and customer experience 1.
- Insurance coverage gapslow
Some risks, such as strikes, pandemics or political instability, are not covered by insurance, and the related operating losses could affect results 1.
Investment thesis
What would need to be true (bull case)
- If the group's adjusted EBITDA and tourism revenue targets are confirmed, the strategic plan could support longer-term profitability growth 1.
- The asset-light model and partial financing of investment by third-party owners could limit the balance sheet exposure to new projects 1.
- A booking portfolio above the previous year's level could point to solid demand early in fiscal 2025/2026 1.
What would break the thesis
- Competition from rental platforms and other accommodation alternatives could reduce occupancy and prices, weighing on the EBITDA target 1.
- The heavy renovation investment need could strain cash flow if revenue does not grow enough 1.
- Cyber risks and reliance on online channels could create operational or reputational losses in the event of a major outage 1.
What to watch
- Delivery of the adjusted EBITDA guidance for fiscal 20262026
- Development of the booking portfolio and average selling priceFirst half 2025/2026
- Progress of the renovation investment programme and third-party financingNext annual report
- Outcome of the strategic options review in the context of the change in shareholding2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates several tourism brands, including Pierre & Vacances, Center Parcs, Adagio and maeva, through site operation, leases and asset-light models such as management and marketing mandates 1. The parent is a French société anonyme based in Paris, and its fiscal year runs from 1 October to 30 September 1. More than 60 % of revenue is generated online, through its own platforms and commercial partners 1.
The business model combines development through franchises or management contracts with digital booking systems across all brands 1. For property projects, a partner real estate company created in 2022 can finance operations, which reduces the group's property holding risk 1.
The group has a plan to invest in renovation and upgrading of its sites, with a large part of capex financed by the group and the rest by third-party owners, mostly institutional 1. The plan aims to grow the number of accommodation units and improve customer experience through digitalisation 1.
Segments
Tourism (Pierre & Vacances, Center Parcs, Adagio, maeva)
The main segment is tourism revenue, for which the group targets average annual growth of 5.8 % over five years, reaching 2,490 mn EUR in 2030 1. Growth relies on expanding the unit portfolio, which could exceed 50,000 accommodation units by 2030 1.
Market context
The holiday tourism market is marked by rising competition from hotels, premium campsites and private rental platforms 1. The group expects its tourism revenue to grow in line with market prospects, although this assumption could be affected if demand slows 1.
The average accommodation selling price is expected to rise modestly over the plan period, and occupancy to improve, according to the group's assumptions 1. The booking portfolio for the first half of fiscal 2025/2026 is significantly higher than in the previous year 1.
Trends
- Digitalisation of distributiontailwind
Online sales and proprietary platforms let the group attract new customers and optimise pricing, which could support revenue if they remain effective 1.
- Rising energy and renovation costsheadwind
Inflation in energy and renovation costs can reduce the group's competitiveness and slow the investment needed to maintain site standards 1.
- Expansion of alternative accommodationheadwind
Growth in premium campsites and holiday rentals could intensify competition and pressure occupancy or prices 1.
- Regulatory framework for furnished holiday rentalsmixed
Measures governing furnished holiday rentals may reduce treatment asymmetries between platforms and professional operators, particularly for tax, if applied effectively 1.
Competitive position
The group faces competition from private holiday rental platforms, premium campsite chains and other tourism operators, and the concentration of direct Center Parcs competitors in the Netherlands raises competitive intensity 1. The group argues it can differentiate through the quality standard of its major brands, flexible stay durations and price ranges that include transport and activities 1.
- Private holiday rental platforms (meublés de tourisme)
Described generically as an alternative form of accommodation that can reduce occupancy and pressure prices.
- Booking.com
Named as a commercial partner that attracts new customers, and also part of the group's online distribution channels.
- Premium campsite chains
Cited as an alternative offer that intensifies competition in the holiday segment.
- Direct Center Parcs competitors in the Netherlands
Their concentration is cited as a factor that can strengthen competitive intensity.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202407 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Pierre et Vacances · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.