Compagnie des Alpes : Q3 (and the whole year) a write-off – Visibility still poor - Neutral vs Buy
>Q3 Sales drop by 92.5% - As expected, CDA’s sales plummeted in Q3 (April-June): -92.5% y-o-y to € 13m (vs € 14.8m est.). So, the group’s 9M sales are down by 28% y-o-y at € 483m (vs € 485.2m est.). Some brief comments on these figures:Naturally, Q3 accounts for only a tiny share of the Ski Areas BU’s full-year sales (€ 2.3m vs € 52m). Its 9M sales fell by 19% (skier days -20.9% vs a price effect of +1.6%), whereas they were up by +2...Compagnie des Alpes SA is a France-based holding company active in the tourism and leisure industry in two distinct areas: the operation and maintenance of ski resorts and the operation of family leisure parks and attractions. It equips, maintains and operates ski resorts in the Alps region in France, Italy and Switzerland. Its activities include lift handling, trail maintenance, grooming and snowmaking, and operation of ticket booths. Compagnie des Alpes SA is active in the leisure park industry through its subsidiary, Grevin & Cie SA, which manages leisure sites in France, the Netherlands, Germany, Belgium, Switzerland and the United Kingdom. It offers three types of activities: theme parks, nature and animal parks, and tourist attractions. It operates in France, Switzerland, Germany, Belgium, Russia and Luxembourg. In April 2014, it sold 30% stake in Groupe Looping to HIG Capital France, and announced the agreement with MacEarth and the aquisition of 2.5% stake in the company.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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