Report
Aurelien Sivignon

Compagnie des Alpes : Rassurant sur la liquidité mais le brouillard persiste sur la saison de ski

>Résultats FY 2019/20 impactés par les dépréciations d’actifs - Hier matin, CDA a publié des résultats FY 2019/20 (détaillés en p2) sans surprise au niveau de l’EBO (80 M€ vs 76 M€e avant IFRS 16). En revanche, l’EBIT (-107 M€ vs -58 M€e) et le RNPG (- 103 M€ contre 65 M€ en N-1) ressortent nettement en deçà de nos attentes. Cela s’explique par la comptabilisation de quasiment 70 M€ de one-off sur l’exercice, dont 65 M€ liés à plusieurs dépréciations d’actifs et d’éca...
Underlying
Compagnie des Alpes SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Aurelien Sivignon

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