(Boursier.com) — Up more than 3%, Company of the Alps held up well to the new market rout, supported by its half-yearly update. Oddo BHF adjusted its target from 18.5 to 19 euros while maintaining its ‘outperform’ rating. Despite inflation, the broker explains that the momentum is still good as third quarter attendance seems very dynamic in leisure parks, especially since the pricing power observed in DS this winter will also be substantial in parks this winter. summer (higher than inflation according to CDA). At the same time, management had a very proactive tone last night in terms of M&A (more than usual), which could be a catalyst for the stock in terms of firepower (more than 300 ME according to the broker). Thus, even if the stock’s recent performance is honorable (+8% since January 1 vs. +6% CAC Mid & Small), the discount on historical multiples still seems excessive. Finally, the broker notes that the yield should remain attractive (6%e in 2023 and 6.5% in 2024 vs historical 2%).
©2023 Boursier.com