We also apply a 5% ESG discount for governance issues. RISKS Accor SA Downside risks: 1) A tougher environment could have a negative impact on RevPAR and therefore on our EBITDA margin and PT. A 10% decrease in RevPAR over 2024 vs our current estimates would reduce our PT by c.11%. In general, a 1pp drop in RevPAR for the group could lower our EBITDA estimates by a minimum €12m (1.6% of 2024e group EBITDA). But the sensitivity could be higher (c.4%) in the event of a huge deterioration or depending on the area. 2) A delay in opening new hotels could weigh on our PT; 10,000 fewer rooms opened p.a. could reduce our PT by €0.7. 3) Higher inflation - mainly for labour, energy, IT and marketing costs - would also deteriorate the EBITDA margin and therefore our PT. 4) A higher EUR against other currencies could affect our estimates and valuation, with an EBITDA sensitivity of 0.9% (€11m).