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

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,...

François Maury ...
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/16/2019

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François Maury ...
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/01/2019

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Olfa Taamallah ...
  • Yan Derocles

Aeroports de Paris : Solid volume and mix in December – 2019 prices not approved but ADP has not said its last word

>Solid December (+3.8%) enables the group to beat the guidance (+3.5%) - Yesterday evening ADP reported good figures for December with traffic showing growth of 3.2% including 3.7% at CDG and 2% at Orly. Over the full year, ADP handled 105.3m passengers (+3.8% despite the Air France strike), exceeding the upper bound of its traffic growth target of 3.5% (Oddo BHF: 3.5%e). For its part, traffic at TAV Airports (of which ADP owns 46.1%) grew 4.3% in December, while that...

Olfa Taamallah ...
  • Yan Derocles

Aeroports de Paris : Solid volume and mix in December – 2019 prices not approved but ADP has not said its last word

>Solid December (+3.8%) enables the group to beat the guidance (+3.5%) - Yesterday evening ADP reported good figures for December with traffic showing growth of 3.2% including 3.7% at CDG and 2% at Orly. Over the full year, ADP handled 105.3m passengers (+3.8% despite the Air France strike), exceeding the upper bound of its traffic growth target of 3.5% (Oddo BHF: 3.5%e). For its part, traffic at TAV Airports (of which ADP owns 46.1%) grew 4.3% in December, while that...

Olfa Taamallah ...
  • Yan Derocles

Aéroports de Paris : Solide volume et mix en décembre – Tarifs 2019 non homologué mais ADP n’a pas dit son dernier mot

>Le solide mois de décembre (+3.8%) permet de battre la guidance (+3.5%) - ADP a publié hier soir un très bon mois de décembre avec un trafic affichant une croissance de 3.2% dont 3.7% à CDG et 2% à Orly. Sur l’ensemble de l’année, ADP a accueilli 105.3m de passagers (+3.8% malgré la grève d’Air France), ce qui lui permet de dépasser la borne haute de son objectif de trafic en hausse de 3.5% (Oddo BHF: 3.5%e). De son côté, le trafic de TAV Airports (dont ADP détient 4...

Olfa Taamallah ...
  • Yan Derocles

Aeroports de Paris : Upward revision to our estimates underpinned by the strength of traffic and the acceleration of retail business

>A solid Q3 2018 publication... - ADP yesterday reported a solid set of Q3 2018 data, reflecting growth of 10.3% to € 1.254bn (and 4.9% excl. the factoring in of TAV and AIG), i.e. 2.5% above our estimates. This strong performance was driven by i/ an acceleration in growth in retail business (+8.5%) with a return in growth in spend per passenger that we estimate at +2% over the quarter (successful launch of the LVMH corner) thanks to a good passenger mix and to the we...

Olfa Taamallah ...
  • Yan Derocles

Aéroports de Paris : Relèvement de nos estimations porté par la solidité du trafic et l’accélération des Commerces

>Un T3 2018 solide… - ADP a publié hier un T3 2018 solide affichant une croissance de 10.3% à 1 254 M€ (et de 4.9% hors prise en compte de TAV et AIG), soit 2.5% au-delà de nos estimations. Cette belle performance a été tirée par i/ une accélération des Commerces (+8.5%) avec un retour à la croissance des dépenses par passager que nous estimons à +2% sur le trimestre (bon lancement du corner LVMH) grâce à un bon mix-passagers et au moindre effet de base de l’euro fort...

Olfa Taamallah ...
  • Yan Derocles

Aéroports de Paris : Privatisation : le chemin est encore long

>Un cap est passé… - Le projet de privatisation d’ADP a passé un cap avec l’adoption jeudi 4/10 en première lecture à l’assemblée nationale des articles 44 à 50 de la loi Pacte (relative à la croissance et à la transformation des entreprises). Sans grande surprise, le vote n’a pas apporté de changement substantiel par rapport à l’examen en commission si ce n’est i/ une précision sur le périmètre des actifs qui seront transférés à l’Etat 70 ans après le transfert au se...

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...

François Maury ...
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/16/2019

...

François Maury ...
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/01/2019

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Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2018

For the moment, 5G has generated more anxiety than real enthusiasm among investors. Our analysis suggests a smooth transition for capex, but that the incident with the spectrum auctions might weigh on sentiment. We favour the German market if the absence of a fourth player is confirmed on 26 November. Deutsche Telekom (Buy, target price € 17.7) is our Top Pick. Cf. sector report published last evening. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2018

La 5G génère pour l’heure plus d’anxiété qu’un réel engouement auprès des investisseurs. Notre analyse nous conduit à penser que la transition se fera en douceur sur les Capex mais que l’épisode des enchères de spectre risque de peser sur le sentiment. Nous privilégions l’Allemagne si le 26/11 confirme l'absence de 4e acteur. Deutsche Telekom (Achat, OC 17.7 €) est notre top pick. Cf.étude publiée hier soir. - ...

Bruno Cavalier ...
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/08/2018

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ADP suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of ADP (FR), active in the Transportation Services industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date November 20, 2018, the closing price was EUR 168.40 and its target price was estimated at E...

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,...

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

Analyse moyen terme - ADP : La correction gagne en vigueur.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 171,92 €.

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