Aeroports de Paris

Aeroports de Paris is the airport authority that owns and manages the fourteen civil airports and airfields in the Ile-de-France (Paris) area. Co. owns and operates the three main airports of the Ile de France region (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), 10 general aviation airfields and the Issy-les-Moulineaux heliport. In the three main airports, Co. provides facilities to accommodate passengers, airlines and cargo and postal services, and offers a range of services. Co.'s activities are divided into five business segments: Aviation, Retail and Services, Real Estate, Airport Investments and Other Activities.
  • TickerADP
  • ISINFR0010340141
  • ExchangeEuronext Paris
  • SectorIndustrial Transportation
  • CountryFrance

Analysts

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : Some winter sun in Europe and Brexit chill eases

We are adopting a more upbeat stance on the winter season thanks to capacity increases being markedly less brisk than in previous years, which offsets the impact of a deterioration in demand. IAG (Buy vs Neutral – € 7.3) becomes our Top Pick for the sector. In our view, it is the stock that stands to gain the most from the streamlining of capacity (in the transatlantic network) and boasts the most attractive valuation. - >Genuine discipline in capacity for the winter seas...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : Un hiver finalement doux en Europe et une détente sur le Brexit

Nous adoptons un ton plus optimiste sur l’hiver grâce à une croissance de l’offre tangiblement moins soutenue que lors des exercices précédents, ce qui permet de tempérer les effets de la dégradation de la demande. IAG (Achat vs Neutre – 7.3 €) devient notre Top Pick sur le secteur. C'est le titre qui, selon nous, bénéficiera le plus de la rationalité de l’offre (vers le transatlantique) et offre la valorisation la plus attractive. - >Une discipline capacitaire enfin bien...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : Some winter sun in Europe and Brexit chill eases

We are adopting a more upbeat stance on the winter season thanks to capacity increases being markedly less brisk than in previous years, which offsets the impact of a deterioration in demand. IAG (Buy vs Neutral – € 7.3) becomes our Top Pick for the sector. In our view, it is the stock that stands to gain the most from the streamlining of capacity (in the transatlantic network) and boasts the most attractive valuation. - >Genuine discipline in capacity for the winter seas...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

ODDO : Un hiver finalement doux en Europe et une détente sur le Brexit

Nous adoptons un ton plus optimiste sur l’hiver grâce à une croissance de l’offre tangiblement moins soutenue que lors des exercices précédents, ce qui permet de tempérer les effets de la dégradation de la demande. IAG (Achat vs Neutre – 7.3 €) devient notre Top Pick sur le secteur. C'est le titre qui, selon nous, bénéficiera le plus de la rationalité de l’offre (vers le transatlantique) et offre la valorisation la plus attractive. - >Une discipline capacitaire enfin bien...

Olfa Taamallah ...
  • Yan Derocles

Aeroports de Paris : Q3 2019 sales 2.9% ahead of expectations but guidance reiterated

>Q3 2019 sales 2.9% ahead of the consensus but a gap mainly from SDA - Q3 2019 sales came in 2.9% ahead of the consensus expectations at € 1,341m (ODDO BHF: € 1,319m, consensus: € 1,303m), i.e. an increase of 19.2% vs Q3 2018 sales restated after the discontinuation of activity at Istanbul’s Atatürk airport on 6 April 2019. However, we think that the share price reaction will be marginal as the lion’s share of the difference with our estimates comes from SDA for which...

Olfa Taamallah ...
  • Yan Derocles

Aéroports de Paris : Un CA T3 2.9% au-delà des attentes mais guidances réitérées

>CA T3 2019 2.9% au-delà du consensus mais un écart provenant essentiellement de SDA - Le CA T3 2019 ressort 2.9% au-delà des attentes du consensus à 1 341 M€ (ODDO BHF : 1 319 M€, Cons : 1 303 M€), soit une hausse de 19.2% par rapport au CA T3 2018 retraité suite à l’arrêt de l’activité de l’aéroport d’Istanbul Atatürk le 6 avril 2019. Toutefois, nous pensons que la réaction du cours sera marginale car l’essentiel de l’écart avec nos estimations provient de SDA dont ...

Olfa Taamallah ...
  • Yan Derocles

Aeroports de Paris : Return to a purely fundamental target price of € 160

>More limited impact of cyclical elements in H2 - Whilst the organic increase (excluding M&A, nominal user fees known as “ticket moderateur”, IFRS16, settlement of litigation, etc.) in EBITDA stood at 7% in S1, this came in a shade below our forecasts, principally due to the cyclical increase in a number of charges (communication on the new toponymy  at Orly, new uniforms, rollout of Parafe, etc.). We think that this represents the equivalent of a touch over 1% of EBI...

A director sold 27,223 shares at 134.493EUR and

A director at Aeroports De Paris sold 27,223 shares at 134.493EUR and the significance rating of the trade was 100/100. 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 na...

Benoit Valleaux ...
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2019

We are initiating coverage of Merlin Properties and Colonial, Spain’s top two REITs, with a Buy recommendation. We expect the groups, each with its specific strategic direction, to continue their development in a positive economic climate. - - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/07/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/26/2019

The market is holding up, but its apparent resilience is resting on very shaky foundations, in our view. For the time being, the results season has not delivered any unpleasant surprises thus far, but has not invalidated the downward trend in EPS growth. The erosion of PMI continues apace In this context, dependency on monetary policy increases. Lastly, our integration indicators for US-China trade tensions underscore, in the US as in Europe, in the wake of the post-G20 truce, the ret...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/07/2019

Le marché tient, mais cette robustesse apparente nous semble bâtie sur des fondations bien fragiles. Pour le moment, la saison des résultats n’a pas livré de mauvaises surprises, mais n’a pas permis d’invalider la tendance baissière de la croissance des BPA. L’érosion des PMI se poursuit. Dans ce contexte, la dépendance à la politique monétaire se renforce. Enfin nos indicateurs d’intégration de tension commerciale sino-américaine soulignent, de part et d’autre de l’Atlantique, dans l...

Thanks to a better fundamental star rating, ADP sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to ADP (FR), active in the Transportation Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as moderately risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date September 6, 2019, the closing price was EUR 161.50 and its expected value was estimated at EUR 156.20.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

MarketLine Department

Copenhagen Airports AS - Strategy, SWOT and Corporate Finance Report

Summary Copenhagen Airports 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 Copenhagen Airports AS (CPH) is an operator of airports. The company owns, operates and develops Roskilde airport and Copenhagen airport. It provides both air passenger and cargo services. It provides services such as baggage handling, boarding and take-off, transfer, cargo handling,...

Expert Corporate Governance Service (ECGS)

Aéroports de Paris - AGM 20 May 2019

ITEM 7: As every year, ADP proposes an individual vote on each related-party agreement, which is a good practice we support. This year, no less than 18 resolutions are related-party agreements. Most of them are acceptable. However, the amendment n° 4 of the memorandum of understanding concluded between the Company and SNCF Réseau and the Caisse des Dépôts et Consignations related to the CDG Express project raises concerns. Indeed, although we understand that this CDG Express project is quite important for the strategy of Aéroports de Paris (mainly in its capacity as official partner, for the p...

Jehanne Leroy

Aéroports de Paris- Assemblée générale des actionnaires du 20 mai 2019

La société propose le renouvellement d'Augustin de Romanet (résolution 26) : les performances boursières et environnementales du groupe sont plutôt bonnes depuis que M. de Romanet est PDG. Cependant, en termes de gouvernance, le bilan est négatif puisque non seulement aucun contre-pouvoir n'est en place, mais de surcroit, en 2014, lors de la promulgation de la Loi Florange, M. de Romanet en tant que Président du Conseil aurait dû proposer aux actionnaires de maintenir le droit de vote simple, car, même si la résolution aurait probablement été rejetée du fait du poids de l'Etat au capital, au m...

Aéroports de Paris – Proxinvest Corporate Governance Rating ® : C

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...

Jehanne Leroy

Proxy Report - 04/05/2018

2017 and 2018 remunerations are not flagged by Proxinvest; indeed, as the company is controlled by the French Government, remunerations are acpped at €450,000. Moreover, we note that for the first time, the company clearly disclose achievement rates of each annual bonus criterion. We commend the company for this improvement.However, we note that the company estimatesthe ROCE achievement rate to 110% while the 2017 ROCE will be published only in july 2018. It seems quite astonishing that the company estimates that a not yet available indicator overperformed.

Jehanne Leroy

Proxy Report - 04/05/2018

Les rémunérations 2017 et 2018 ne font pas l'objet d'alerte particulière par Proxinvest ; en effet, la société étant contrôlée par l'Etat, les rémunérations sont plafonnées à 450 000 €. Notons de surcroit que la société améliore cette année sa communication puisque les taux de réalisation de chacun des critères du bonus annuel 2017 sont communiqués. Nous l'en félicitons.Notons toutefois que la société indique que l'objectif de ROCE (retour sur les capitaux engagés) a été atteint à 110%. Or le ROCE 2017 ne sera rendu public qu'en juillet 2018. Il semble donc assez étonnant que la société estime...

Valérie GASTALDY

Analyse court terme - ADP : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 214,00 €.

Valérie GASTALDY

Short term view - ADP : The trend is uncertain.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €214.00.

Valérie GASTALDY

Short term view - ADP : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €171.90.

Valérie GASTALDY

Analyse court terme - ADP : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 171,90 €.

Valérie GASTALDY

Medium term view - ADP : The correction is gaining traction.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €171.92.

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