Cie des Alpes: Stifel remains positive, raising TP

(CercleFinance.com) - Stifel maintains its Buy rating on Compagnie des Alpes shares, with a target price raised from E19 to E20.


The analyst believes that the company is significantly undervalued, with valuation multiples two to three times lower than those of its peers.

We believe that Compagnie des Alpes should be valued at at least 10x future earnings, given its very solid fundamentals, the broker says, which notably points to the aggressive growth strategy that is becoming increasingly profitable as the group expands.

Thanks to its solid operating performance, the group is starting to see its valuation multiples improve, and this revaluation should continue, the analyst concludes, who sees Cie des Alpes well on the way to achieving its EBITDA growth target of 10%, with free cash flow set to improve significantly further.

What's more, its share price could benefit from the growing interest in Alpine ski resorts on the part of major American industry leaders, Stifel concludes.


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