Compagnie des Alpes - New peaks

Galvanised by further strong investment-led sales in FY23 (up by 11% like-for-like), which more than absorbed a near-doubling of energy costs, Compagnie des Alpes (CDA) is awash with growth initiatives, backed by a targeted 15% rise in FY24 capex to €270m. The enhancement of a diverse and hugely popular estate, with over 23 million visitors pa across 22 key sites (12 of which are leisure parks and seven are outside France), provides scope for lucrative marginal revenue growth. Continued buoyancy in Q124, allowing for a change in timing of school vacations, complements the better-than-expected progress with environmental policy, which CDA sees as key to corporate wellbeing. On consensus FY24 EBITDA forecasts, double guidance of c 7% growth, CDA's EV/EBITDA is 4.5x.

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