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SIDECU SA

Type of ratings: Corporate

Rating value: B

Outlook: Positive

License: EthiFinance Ratings

Solicited

EthiFinance Ratings affirms Sidecu s B rating, changing its outlook from Observation to Positive. The group is specialised in the development and management of sports centers, focused on concession business model. Their activity is concentrated in Spain (94% of turnover). In 2022 (non audited), the group's turnover stood at € 39.4M (€ 26.6M in 2021), with an EBITDA of € 3.9M (€ 1.8M in 2021), deriving in an EBITDA margin of 9.8% (6.8% in 2021). The NFD/EBITDA ratio stood at 22,0x.

Ratings

Rating action: Affirmed

Action date: 2023-04-24

Date last rating: 2023-04-24

Date first rating: 2015-03-09

Documents

Executive summary:

Methodologies

Corporate Rating Methodology

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