(CercleFinance.com) – The stock gained more than 2%, benefiting from several positive analyses. Berenberg this morning raised its target price on Compagnie des Alpes, which it increased from 21 to 22 euros, while maintaining its buy recommendation on the stock.
‘Since the start of the winter season, we had the feeling that the half-year results of Compagnie des Alpes (CDA) were likely to hold a good surprise in view of the potential boom in both its winter sports activities and theme parks’, recalls the broker.
‘Despite this, we did not expect a performance of such magnitude,’ he continues.
“With record levels of profitability and cash generation, and a now healthy balance sheet, CDA has completely erased the impact linked to the Covid-19 crisis”, concludes the German broker.
Oddo also raises its rating on the Cie des Alpes title, from ‘neutral’ to ‘outperformance’, while raising its target price from 16 to 19 euros.
The analysis office highlights results well above expectations in the 1st half. ‘Group EBITDA increased by 52% to 230 ME while we expected 173 ME and vs 152 ME in H1 2018-19’, indicates the analyst.
Relying on the ‘well-controlled’ energy/wage inflationary combo, Oddo is raising its EPS estimates significantly, by 127% in 2022 and 38% in 2023.
The broker indicates that the multiples now appear much more attractive at 9.2x VE/EBIT 2023 and believes that the quality of the results expected this year should allow the return of the dividend after two years without.