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

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

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/25/2019

Equities’ disconnect from the "pessimism" of the bond markets is obvious. The simultaneous choice of cyclicals and protection themes (growth/quality) is disturbing. What should we do when our annual objectives are being met? Avoid succumbing to the cyclical temptation, buy quality by avoiding overpaying the protection criterion linked exclusively to a healthy balance sheet structure. We present the results of a screening combining balance sheet and ROCE trends, which highlights five s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/02/2019

La déconnection des actions avec le « pessimisme » des marchés obligataires est patente. Le plébiscite simultané des cycliques et des thématiques de protection (croissance/ qualité) est perturbant. Que faire alors que nos objectifs annuels sont atteints ? Eviter de succomber à la tentation cyclique, acheter la qualité en évitant de surpayer le critère protection lié uniquement à une structure bilancielle saine. Nous présentons les résultats d’un criblage combinant bilan et évolution d...

Olfa Taamallah ...
  • Yan Derocles

Aeroports de Paris : The regulatory framework could be clarified in the short term

>2019 guidance tinged with the traditional note of caution - We organised ADP's roadshow in Paris. The 2019 EBITDA target for a decline of 8% to 13%, with +1% to +2% excluding TAV and AIG, includes several opposing factors: i/ traffic growth of between 2% and 2.5% in Paris (Oddo: 3%), which is seen as conservative given the effect of the Air France strike last year (impact of 0.7%) and despite the closure of a runway at Orly for 18 weeks this summer; ii/ article 179 ...

Olfa Taamallah ...
  • Yan Derocles

Aéroports de Paris : Le cadre règlementaire pourrait se clarifier à court terme

>Une guidance 2019 empruntée de la traditionnelle prudence - Nous avons organisé le roadshow parisien d’ADP. L’objectif d’EBITDA 2019 en recul de 8% à 13%, dont +1% à +2% hors TAV et AIG, intègre plusieurs éléments contraires : i/ une croissance du trafic comprise entre 2% et 2.5% à Paris (Oddo : 3%), jugée comme conservatrice compte tenu de l’effet grève d’Air France l’année dernière (impact de 0.7%) et en dépit de la fermeture d’une piste à Orly pendant 18 semaines ...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

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...

Fatma Ayachi ...
  • Olfa Taamallah
  • Yan Derocles

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...

Olfa Taamallah ...
  • Yan Derocles

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...

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...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/25/2019

Equities’ disconnect from the "pessimism" of the bond markets is obvious. The simultaneous choice of cyclicals and protection themes (growth/quality) is disturbing. What should we do when our annual objectives are being met? Avoid succumbing to the cyclical temptation, buy quality by avoiding overpaying the protection criterion linked exclusively to a healthy balance sheet structure. We present the results of a screening combining balance sheet and ROCE trends, which highlights five s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/02/2019

La déconnection des actions avec le « pessimisme » des marchés obligataires est patente. Le plébiscite simultané des cycliques et des thématiques de protection (croissance/ qualité) est perturbant. Que faire alors que nos objectifs annuels sont atteints ? Eviter de succomber à la tentation cyclique, acheter la qualité en évitant de surpayer le critère protection lié uniquement à une structure bilancielle saine. Nous présentons les résultats d’un criblage combinant bilan et évolution d...

Alain William ...
  • Benoit Valleaux
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

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...

Charles Lepetitpas ...
  • Jerôme Bodin
  • Nicolas David
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/19/2019

...

Alain William ...
  • Benoit Valleaux
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/02/2019

En dépit d’une restructuration en profondeur (opérationnelle et financière), les multiples de valorisation de Veolia demeurent proches des niveaux historiques moyens. Le groupe a significativement réduit ses zones de risques industriels et bénéficie de son positionnement commercial renouvelé. L’optimisation va se poursuivre sur le moyen terme et alimenter la performance, avec une croissance externe ciblée. Si un risque de ralentissement macroéconomique existe, il ne se reflète pas enc...

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,...

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

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

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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