olivLaw · European equity research
Compagnie des Alpes CDA.PA
France · Euronext Paris · ISIN FR0000053324 · Vertical: Listed companies from France
Compagnie des Alpes operates ski areas, leisure parks and tourism activities in the Alps and other regions, and its annual report for the fiscal year ended 30 September 2025 shows that climate change, especially reduced natural snow, is a central risk to its business model.
At the close of 05 Nov 2026, Compagnie des Alpes (CDA.PA) stock was 19.22 EUR (+0.42% on the day), with market capitalisation 975.4 m EUR, P/E 9.2 on diluted EPS of 2.10 EUR over the last 12 months, dividend yield 5.20%, beta 0.59, 52-week range 16.44–29.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.4
- strong (55–70)
- Bollinger (20, 2)
- 15.99 – 19.56
- in the upper half of the band · %B 0.91 · band width 20.1%
- SMA 50 / 200
- 18.21 / 22.26
- mixed trend
- MACD (12, 26, 9)
- 0.33 / 0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.9% | −0.6% | +14.5 pp | — |
| 3 months | −8.5% | −4.2% | −4.3 pp | — |
| 6 months | −11.8% | +4.3% | −16.2 pp | — |
| Year to date | −24.2% | +7.5% | −31.7 pp | — |
| 1 year | −3.8% | +9.9% | −13.7 pp | −6.8% |
| 3 years | +38.5% | +49.8% | −11.4 pp | −15.9% |
| 5 years | +20.6% | +42.8% | −22.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.3, median 7.8, max 10.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.4 bn |
| Revenue YoY | unavailable | +10.1% | +12.8% |
| Net income | 90.4 m | 92.4 m | 107.1 m |
| Net income YoY | unavailable | +2.3% | +15.8% |
| Diluted EPS | 1.78 | 1.82 | 2.10 |
| Diluted EPS YoY | unavailable | +2.2% | +15.4% |
| net % | 8.0% | 7.5% | 7.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 160.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 3.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.6%
- ROA
- 3.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.4 bn | esef· 03 Feb 2026verified |
| Operating income | 139.6 m | 158.2 m | 192.8 m | esef· 03 Feb 2026verified |
| Income tax | 24.9 m | 30.5 m | 39.3 m | esef· 03 Feb 2026verified |
| Net income | 90.4 m | 92.4 m | 107.1 m | esef· 03 Feb 2026verified |
| Diluted EPS | 1.78 | 1.82 | 2.10 | esef· 03 Feb 2026verified |
| Dividend per share | 0.94 | 0.91 | 1.00 | esef· 03 Feb 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 111.5 m | 234.1 m | 160.6 m | esef· 03 Feb 2026verified |
| Receivables | 92.1 m | 90.3 m | 96.3 m | esef· 03 Feb 2026verified |
| Inventories | 28.0 m | 31.3 m | 33.5 m | esef· 03 Feb 2026verified |
| Current assets | 257.7 m | 386.2 m | — | esef· 30 Jan 2025verified |
| Goodwill | 266.1 m | 374.8 m | 396.8 m | esef· 03 Feb 2026verified |
| Intangibles (excl. goodwill) | 133.9 m | 162.8 m | 161.7 m | esef· 03 Feb 2026verified |
| Total assets | 2.5 bn | 3.1 bn | 3.2 bn | esef· 03 Feb 2026verified |
| Current liabilities | 686.2 m | 747.1 m | — | esef· 30 Jan 2025verified |
| Equity | 1.1 bn | 1.1 bn | 1.2 bn | esef· 03 Feb 2026verified |
| Shares outstanding at year end | 50.5 m | 50.5 m | 50.8 m | esef· 03 Feb 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 259.8 m | 341.1 m | 379.2 m | esef· 03 Feb 2026verified |
| Investing cash flow | -288.6 m | -381.9 m | -286.7 m | esef· 03 Feb 2026verified |
| Financing cash flow | -186.7 m | 126.1 m | -172.0 m | esef· 03 Feb 2026verified |
| Dividends paid | 47.2 m | 50.8 m | 56.6 m | esef· 03 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 975.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.60 – 62.58 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E23.29 – 62.58 (Mid 35.97)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)13.60 – 18.55 (Mid 15.69)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.7% | 82 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.2x | 83 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial83/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COMPAGNIE DES ALPES (CDA.PA). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 1.4 bn EUR in 2025; YoY growth 12.8%; net margin 7.7%; ROE 10.1%.
The estimated value range is 18.45–40.56 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.83 EUR, the price of 19.22 EUR leaves a potential of 34.4% (value / price − 1) and a margin of safety of 25.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.7%
- P/E (TTM): 9.2x
- Shareholder yield (distributions): 5.8%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| CDA.PACompagnie Des Alpes | 975.4 m | 9.2 | 10.1% | 7.7% | +12.8% | −13% / +36% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for CDA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.36 Total return -31% · Per year -31% | 21.78 Total return 19% · Per year 19% | 32.69 Total return 77% · Per year 77% |
| 3 years | 14.08 Total return -12% · Per year -4% | 27.69 Total return 64% · Per year 18% | 45.34 Total return 161% · Per year 38% |
| 5 years | 16.02 Total return 9% · Per year 2% | 35.21 Total return 121% · Per year 17% | 62.88 Total return 278% · Per year 30% |
- Exit P/E± 6.92
- Net margin± 4.85
- Annual revenue growth± 3.69
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Compagnie des Alpes operates ski areas, leisure parks and tourism activities in the Alps and other regions, and its annual report for the fiscal year ended 30 September 2025 shows that climate change, especially reduced natural snow, is a central risk to its business model 1.
SWOT
Strengths
- The company holds positions in high-altitude resorts selected on the basis of durable snow, which supports the resilience of its model 1.
- The group combines ski areas, parks and accommodation, which allows vertical integration and control of the offer 1.
- Structured risk management systems and a technical study on climate impact give a basis for planning 1.
Weaknesses
Opportunities
- Developing summer and off-ski activities could reduce seasonality and increase use of infrastructure 1.
- Extending the accommodation offer and using the agency network could support visitor flow in peak season 1.
- Digitalisation of the offer and yield management tools could improve pricing and customer experience 1.
Risks
- Decline in natural snowhigh
Less snowfall could shorten the ski season and reduce resort attractiveness, and the risk remains critical even after mitigation measures 1.
- Extreme climate episodeshigh
Storms, heavy rain and strong winds could partly or fully interrupt activity at some sites and affect safety 1.
- Lower visitor flowhigh
Reduced resort or park attractiveness could lower revenue, and the report rates this risk as major in gross terms 1.
- Bad-weather daysmedium
More rainy or heatwave days could discourage visitors from parks and resorts 1.
- Competition and disintermediationmedium
New competitors and changing distribution channels could erode the group's market share and margins 1.
Investment thesis
What would need to be true (bull case)
- If snowmaking and the strict selection of high-altitude resorts prove effective, the group could maintain its season and the attractiveness of its ski areas 1.
- Diversification into summer and off-ski activities could reduce dependence on winter and stabilise revenue across the year 1.
- Vertical integration and digitalisation of the offer could improve control of prices and customer experience 1.
What would break the thesis
- If winters become shorter, snowmaking could become costly and insufficient to offset the natural deficit 1.
- Extreme climate risks, rated as likely, could interrupt activity and affect revenue at several sites at once 1.
- If customers decline due to ageing or competition, demand for ski areas could weaken 1.
What to watch
- Evolution of snowfall and length of the ski season in the resorts of the portfolio2026-2027 season
- Results of summer and off-ski activities relative to the winter season2027
- Occupancy of owned and managed tourist beds in resorts during peak seasonnext 10-K
- Frequency of bad-weather days and their effect on park visitor flow2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group develops and operates ski areas, mainly through public service delegations in high-altitude resorts, and leisure parks, complemented by hotels, club residences and summer activities 1. The annual report stresses that the strategy relies on strict selection of resorts with durable snow, diversification of activities and vertical integration of services to reduce dependence on winter 1. The company also aims to extend its accommodation offer, including through the Mountain collection agency network 1.
Segments
Ski areas
This segment depends on snow volume and visitor flow during the winter season. The report describes measures such as snowmaking, the IMP'ACT study on snow scenarios and adapted snow fronts, all meant to offset natural deficits 1.
Leisure parks
Leisure parks are exposed to bad-weather days and competition for leisure time. The company responds with climate-adapted products, indoor and covered spaces, park accommodation and renewed attractions 1.
Accommodation and summer activities
The company develops tourist beds through property projects and strategic acquisitions, while summer and off-ski activities are treated as growth levers to reduce seasonality 1.
Market context
The reference market is mountain and leisure tourism in France and the Northern Alps, where competition and resort attractiveness drive visitor flows 1. The report also mentions a European and American clientele that the company monitors for new opportunities, without detailing market figures 1.
Demand trends depend on weather, population ageing and customer behaviour, which the report treats as strategic risks with different criticality levels 1.
Trends
- Climate warmingheadwind
Winters are becoming less predictable and natural snow is declining in many areas, which could shorten the season and reduce resort attractiveness 1. The report rates this risk as critical, while noting that a relatively favourable 2024-2025 season temporarily eased the pressure 1.
- Expansion of snowmakingmixed
The company has extended its artificial snow networks and uses them according to the IMP'ACT study, which could support the ski season if water resources and temperature conditions allow 1.
- Diversification into summer and off-ski activitiestailwind
Developing summer and off-ski offers could reduce dependence on winter and attract customers throughout the year 1.
- Bad weather and extreme episodesheadwind
Rainy or heatwave days and storms can interrupt activity and reduce revenue from visitor flows, and the report rates these as likely with high impact 1.
Competitive position
In ski areas, competition comes from new players, consolidation of existing competitors and disintermediation, which reduces the role of traditional intermediaries 1. In leisure parks, the risk comes from new leisure offers and changing visitor expectations 1.
- Other ski area operators in the Alps
The report mentions existing competitors and new entrants in the resort market without naming them 1.
- Competing leisure and theme parks
Competition comes from innovation in leisure offers and new market entrants, according to the report 1.
- Digital distribution platforms
Disintermediation affects traditional intermediaries, and the company responds with its own digital tools 1.
- Tourist accommodation operators
Competition for beds in resorts affects occupancy of accommodation held or managed by the group 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202503 Feb 2026
- Annual report 202430 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Compagnie des Alpes · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.