CDA: Oddo remains neutral after trading update

(CercleFinance.com) - On Friday Oddo renewed its "neutral" rating on the Compagnie des Alpes (CDA) stocks, maintaining its target price at 33.
5 euros, the day after the group published Q1 sales of 133.2 million euros (period to 31 December).

Business over the quarter was affected by the lag in the school holiday calendar (second week of Christmas holidays in January 2018) for the "Ski Areas" business (about 50% of quarterly turnover), summarised the analyst, who however reminded us that the first quarter historically makes little contribution to the group's annual revenues (on average under 18% of annual turnover).

Oddo also welcomes the increase in bookings in ski areas to date and thinks that the impact on margins of the slight decline in revenues over the period from 1 September to 12 January, due to heavy snowfalls and the storm Eleanor, "should be limited".

Finally, the broker still estimates annual turnover that is up 7.1% at 816.7 million euros, including organic growth of 3.7%.


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