Fraport : Des résultats 2018 décevants au niveau de l’EBITDA et une guidance prudente

>CA légèrement supérieur aux attentes mais déception sur l’EBITDA - Le CA T4 2018 s’affiche en hausse de 32% à 930.9 M€, +14.4% vs consensus (qui, selon nous, n’a pas intégré pleinement l’impact IFRIC12). Retraité de la comptabilisation des revenus liés à IFRIC 12, le CA est en hausse de 9.8% à 754.4 M€, +2.4% vs consensus. La croissance du CA est tirée principalement par les activités internationales, positivement impactées au T4 par l’intégration des aéroports brési...

ODDO : Capacity discipline masked by economic and political uncertainty

Our bottom-up analysis of capacity for the 2019 summer season points to a disciplined approach to the medium-haul and long-haul segments from/to Europe which will not be sufficient to mask pricing pressure (undermined by Brexit). We have upgraded our recommendation on Lufthansa to Buy to play consolidation in the German market, self-help and the valuation. In contrast, we have downgraded IAG to Reduce on the Brexit theme. - >Better capacity discipline expected over the su...

ODDO : Discipline capacitaire masquée par l’incertitude économique et politique

Notre analyse bottom-up des capacités sur la saison estivale 2019 fait ressortir une discipline sur le moyen et long-courrier de/vers l’Europe qui ne sera pas suffisante pour masquer la pression tarifaire (plombée notamment par le Brexit). Nous relevons notre opinion à l'Achat sur Lufthansa pour jouer la consolidation en Allemagne, le self-help et la valorisation, nous dégradons IAG à Alléger sur la thématique Brexit. - >Une meilleure discipline capacitaire attendue sur l...

ODDO : Capacity discipline masked by economic and political uncertainty

Our bottom-up analysis of capacity for the 2019 summer season points to a disciplined approach to the medium-haul and long-haul segments from/to Europe which will not be sufficient to mask pricing pressure (undermined by Brexit). We have upgraded our recommendation on Lufthansa to Buy to play consolidation in the German market, self-help and the valuation. In contrast, we have downgraded IAG to Reduce on the Brexit theme. - >Better capacity discipline expected over the su...

ODDO : Discipline capacitaire masquée par l’incertitude économique et politique

Notre analyse bottom-up des capacités sur la saison estivale 2019 fait ressortir une discipline sur le moyen et long-courrier de/vers l’Europe qui ne sera pas suffisante pour masquer la pression tarifaire (plombée notamment par le Brexit). Nous relevons notre opinion à l'Achat sur Lufthansa pour jouer la consolidation en Allemagne, le self-help et la valorisation, nous dégradons IAG à Alléger sur la thématique Brexit. - >Une meilleure discipline capacitaire attendue sur l...

1 director bought

A director at Fraport Ag bought 500 shares at 68.720EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/20/2019

The "magic words" of the central bankers, uttered by the Fed, the integration of a scenario of a halt in the deterioration of the economic environment, the bet on a positive outcome for US-China trade negotiations and for Brexit are probably the source of the rally in risky assets. In this context, the rise of markets calls for a particular form of vigilance with regard to the tone of the central bankers. First test today with the Fed and a market that expects the final elements of no...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/03/2019

La « parole magique » des banquiers centraux, libérée par la FED, l’intégration d’un scénario d’arrêt de dégradation de la conjoncture, le pari d’une issue positive des négociations sino-américaines et du Brexit auront été à l’origine du rallye des actifs risqués. Dans ce contexte, la hausse des marchés appelle à une vigilance particulière vis-à-vis de la tonalité des instituts d’émission. Premier test avec la FED et un marché qui s’attend à l’abandon définitif des derniers éléments d...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2019

...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/03/2019

...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2019

In spite of a thorough restructuring programme (operational and financial), Veolia’s valuation multiples remain close to their average historic levels. The group has significantly reduced its areas of industrial risk and is benefiting from its revamped commercial positioning. Optimisation is set to continue in the medium term and should drive performance, along with bolt-on acquisitions. Whilst there is a risk of macroeconomic slowdown, this is yet to be reflected in volumes. The valu...

With a more favourable environment, FRAPORT AG improves to Slightly Positive

FRAPORT AG (DE), a company active in the Transportation Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 15, 2019, the closing price was EUR 70.42 and its potential was estimated at EUR 74.23.

Fraport

Fraport

Fraport

Fraport

Tav Havalimanlari Holding AS - Strategy, SWOT and Corporate Finance Report

Summary Tav Havalimanlari Holding AS - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Tav Havalimanlari Holding A.S. (TAV) is an airport operator company. TAV provides auxiliary airport services including ground handling services, food and beverage services, security, operation services, IT services and duty-free services. The company operates airports including ...

Fraport – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...