  We study a matrix-valued Schr\"odinger operator with random point
interactions. We prove the absence of absolutely continuous spectrum for this
operator by proving that away from a discrete set its Lyapunov exponents do not
vanish. For this we use a criterion by Gol'dsheid and Margulis and we prove the
Zariski denseness, in the symplectic group, of the group generated by the
transfer matrices. Then we prove estimates on the transfer matrices which lead
to the H\"older continuity of the Lyapunov exponents. After proving the
existence of the integrated density of states of the operator, we also prove
its H\"older continuity by proving a Thouless formula which links the
integrated density of states to the sum of the positive Lyapunov exponents.
