| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 12.76 | -51 |
| Intrinsic value (DCF) | 8.92 | -66 |
| Graham-Dodd Method | 8.48 | -67 |
| Graham Formula | 32.73 | 26 |
Compagnie des Alpes SA (CDA.PA) is a leading European leisure company specializing in ski resorts and theme parks. Headquartered in Paris, France, the company operates iconic ski destinations such as La Plagne, Les Arcs, and Val d'Isère, alongside renowned leisure parks like Parc Astérix and Futuroscope. With a diversified portfolio across the Ski Areas and Leisure Parks segments, Compagnie des Alpes capitalizes on tourism demand in France and neighboring countries. The company also engages in real estate development and consulting services through its Holdings and Supports segment. Founded in 1989, Compagnie des Alpes has established itself as a key player in the European leisure industry, benefiting from strong brand recognition and strategic locations. Its operations cater to both domestic and international tourists, positioning it well in the consumer cyclical sector. The company’s integrated approach—combining ski lift operations, park management, and real estate—enhances revenue stability and growth potential.
Compagnie des Alpes presents a mixed investment profile. On the positive side, the company benefits from strong brand equity in ski resorts and leisure parks, with high-margin operations in premium destinations. Its diversified revenue streams (ticketing, real estate, and ancillary services) provide resilience against seasonal fluctuations. However, the company carries significant debt (€1.5B) relative to its market cap (~€892M), and its beta of 1.33 indicates higher volatility tied to discretionary consumer spending. The dividend yield (~2.2% based on a €1/share payout) is modest but sustainable given steady operating cash flow (€341M in FY). Investors should weigh exposure to tourism cyclicality and climate-related risks (e.g., low snowfall) against the company’s market leadership in European leisure.
Compagnie des Alpes holds a competitive edge through its geographically concentrated yet high-demand ski resorts and theme parks. Its ski operations dominate the French Alps, with premium brands like Val d'Isère and Méribel attracting affluent clientele. The Leisure Parks segment benefits from unique IP (e.g., Parc Astérix’s comic-themed attractions) and regional monopolies (e.g., Futuroscope). However, the company faces stiff competition in both segments. In ski resorts, rivals like Compagnie du Mont-Blanc (privately held) and international operators such as Vail Resorts (NYSE: MTN) leverage scale and global pass programs. Theme parks compete with Disneyland Paris (NYSE: DIS) and Europa-Park (privately held), which have stronger international appeal. CDA’s real estate monetization strategy (selling land near resorts) differentiates it but relies on robust property markets. The company’s scale in Europe is an advantage, but its lack of diversification beyond France/Benelux limits growth compared to global peers. Operational efficiency and high visitor loyalty partially offset these risks.