Compagnie des Alpes targets 'reasonably cautious', SocGen ups to 'hold'

Compagnie des Alpes SA

30/11/2021 08:30

** Societe Generale upgrades Compagnie des Alpes  CDAF.PA 
to "hold" from "sell", pointing to "reasonably cautious" targets
despite the pandemic-related uncertainties
    ** The group is not expecting EBITDA to return to pre-crisis
levels until 2022-23, thus 2021-22 should be, in the broker's
view, an intermediary step towards this goal
    ** Beyond 2022-23, Compagnie des Alpes is however looking
for revenues and EBITDA margin to return to their previous
growth trends, the brokerage says
    ** Ski resorts are set to gradually reopen between now and
the Christmas holidays, but SocGen adds the public health
situation could change in the season
    ** "The name of the game this year will be to try to offset
the loss of foreign customers by increasing the number of French
tourists", SocGen points out
    ** On 6 analysts covering the stock of Compagnie des Alpes,
which is down nearly 10% year-to-date, three rate it "strong
buy" or "buy" and three rate it "hold"

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))