Concession LossThe bad news at the start of the summer was the loss of the concession for the Tignes ski resort, resulting in a projected loss of almost €65m in sales and €25m in EBITDA by 2026.
GuidanceDespite excellent figures, the company has not raised its annual guidance of a 15% increase in adjusted EBITDA, which is disappointing.
Ownership And CAPEXThis undervaluation stems from its 43% French state ownership, reliance on renewable concessions for ski resorts, and high CAPEX impacting negatively free cash.