Financial PerformanceThe Group generated positive free cash flow, confirming that Compagnie des Alpes now has sufficient critical mass in theme parks to invest profitably in growth.
Growth ProspectsStrong growth prospects at Leisure Parks, either organically or via external growth, and the defensive positioning of mountain area activities support the Outperform rating.
ValuationCDA remains very undervalued in relation to its fundamentals, with a business model likened to luxury goods and an EBITDA margin close to 30%.