Recent Revenue DeclineA declining top line signals potential demand headwinds or lower tourist volumes that can erode growth runway. Even with strong margins, prolonged revenue deterioration would limit capacity for reinvestment, slow expansion of services, and constrain long-term earnings growth unless reversed.
Increasing Capital ExpendituresRising capex to maintain and upgrade mountain transport infrastructure is structurally necessary but consumes cash and stretches free cash flow. Over multiple periods higher capex can reduce financial flexibility, pressure liquidity, and compete with dividends or other investments despite a strong balance sheet.
Revenue Concentration & Seasonal ExposureHeavy dependence on alpine tourism and a single region concentrates risk: weather, travel restrictions, or longer-term tourism shifts can materially affect volumes. Seasonality amplifies cash flow variability and complicates capacity planning, making stable multi-period growth more challenging.