Fraport : Good traffic figures for October

>Traffic trends still the same at Frankfurt airport - Passenger traffic (pax) at Frankfurt: +5.2% in October after +6.3% in September and +8.1% in August. YTD: +8.0%. October’s figure had already been communicated when the group's 9M 2018 results were published (7 November). Growth is still mainly driven by continental traffic (+11.5% YTD), particularly outside Germany, while intercontinental traffic is much less brisk (+2.2% YTD)For 2018, we forecast traffic gro...

Fraport : Bons chiffres de trafic en octobre

>Toujours les mêmes tendances de trafic à Francfort - Trafic passagers (pax) à Francfort : +5.2% en octobre après +6.3% en septembre et +8.1% en août. YTD : +8.0%. Ce chiffre d’octobre avait déjà été communiqué lors des résultats 9M 2018 du groupe (7/11). La croissance est toujours tirée principalement par le trafic continental (+11.5% YTD), en particulier hors-Allemagne, alors que le trafic intercontinental est bien moins dynamique (+2.2% YTD)Sur 2018, nous tabl...

Fraport : Initial indications for a (cautious) take on 2019

>The group has full confidence in its 2018 guidance - The positive (and albeit unsurprising) point from the conference call on the Q3 2018 results: management’s solid confidence in its guidance. When reporting the H1 results, the group had already stated that it was now targeting the upper end of its guidance range (i.e. sales growth of up to 3%, EBITDA of 8-11% and EBIT of 7-12%), without factoring in the sale of the stake in Hanover airport.In terms of FCF, the...

Fraport : Des premiers éléments pour envisager (prudemment) 2019

>Le groupe a toute confiance en sa guidance 2018 - Point positif (bien que peu surprenant) de la conférence téléphonique organisée à la suite de la publication des résultats T3 2018 : la confiance très solide affichée par le management concernant sa guidance. Pour rappel, lors des résultats S1, le groupe avait déjà affirmé qu’il visait désormais le haut de sa guidance (i.e. croissance du CA jusqu’à 3%, de l’EBITDA entre 8 et 11% et de l’EBIT entre 7 et 12%), sans pren...

Fraport : Q3 results better than they look

>Good revenues and EBITDA margin affected by accounting impacts - Q3 2018 revenues came to € 1,015.2m (+16.2% vs Q3 2017 and +4.3% above the consensus compiled by the group). The outperformance stemmed from international airports (revenues +39.2% in Q3, i.e. +10.4% vs consensus). We note a slight disappointment in the Retail & Real Estate division (+0.2% in Q3 whereas the consensus forecast was +2.1%). Retail revenues/Pax were under pressure again (-6.5% in Q3, the si...

1 director bought

A director at Fraport Ag bought 700 shares at 75.717EUR and the significance rating of the trade was 55/100. 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 11/13/2018

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2018

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2018

A few weeks after the French government officially mandated advisers to work on EDF’s “architecture”, we provide an update on the main scenarios and their financial consequences. Our status-quo approach gives a valuation of between € 18.0 (+20%) and € 19.2 (+28%), depending on the outcome of the Multiannual Energy Plan (MEP). Under alternative scenarios, with total regulation of the nuclear sector or segregation of nuclear power, our valuation ranges from € 22.5 (+50%) to € 24.0 (+71%...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2018

Quelques semaines après que l’Etat ait officiellement mandaté des conseils pour travailler sur « l’architecture d’EDF », nous revenons sur les principales hypothèses d’évolution et leurs conséquences financières. Notre approche statu quo nous amène à une valorisation du titre entre 18.0 € (+20%) et 19.2 € (+28%), en fonction de la PPE, tandis que les hypothèses alternatives, avec régulation totale du nucléaire ou sanctuarisation du nucléaire, la porterait entre 22.5 € (+50%) et 24.0 €...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2018

Italy’s economy had slowed down in the first half of the year. It stagnated in Q3. In October, some indicators raise fears of a slide back into recession. Over the past six months, the situation has deteriorated both politically (Rome-Brussels relations) and financially (increase in the risk premium). Rising financing costs may crowd out private demand. Fiscal stimulus is therefore aggravating problems rather than resolving them. To dispel the “wait-and-see” sentiment, it is urgent t...

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Aeroports de Paris S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Aeroports de Paris S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Aeroports de Paris S.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Aeroports de Paris S.A. since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakd...