Atlantia is a holding company with subsidiaries and associates whose business is the construction and operation of motorways, airports and transport infrastructure, parking areas and intermodal systems, or who engage in activities related to the management of motorway or airport traffic.
  • TickerATL
  • ISINIT0003506190
  • SectorIndustrial Transportation
  • CountryItaly

Analysts

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2019

After a remarkable performance (+42.5%) since its addition into our Large Caps Convictions List, we are taking our profits on MTU Aero Engines. Since its launch (8 January), the ODDO Large Caps Convictions List posted, at 1 August, a performance (dividends reinvested) of 18% vs 15.3% for the Stoxx 600. Enjoy your summer holidays, ODDO BHF Strategy will be back on the week of 26 August. - - ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Interim results close to consensus

>Pro forma EBITDA growth of 4% in H1 - After +6% in Q1, Atlantia’s sales rose 3% on a pro forma basis in H1 (factoring in Abertis at 1 January 2018) 0.7% higher than forecast. The H1 EBITDA was 1% higher than the consensus with 4% organic.EBIT and net profit were also close to forecast.Abertis as the main growth driver - Over the first half, EBITDA growth was very much driven by Abertis (consolidated since end-October 2018). This division's ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2019

Après un parcours remarquable (+42,5%) depuis son entrée dans notre liste recommandée, nous prenons nos profits sur MTU Aero Engines. Depuis son lancement (8 janvier) la liste ODDO Convictions Large Caps affiche, au 1er Août, une performance dividendes réinvestis de 18% vs 15.3% pour le Stoxx 600. Excellent été à tous, ODDO BHF Strategy de retour la semaine du 26 août. - ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Résultats S1 proches des attentes du consensus

>Croissance de l’EBITDA de 4% pro-forma au S1 - Après +6% au T1, le chiffre d’affaires d’Atlantia a progressé de 3% sur une base pro forma au S1 (en intégrant Abertis au 1 janvier 2018) 0.7% au-dessus des attentes. L’EBITDA S1 ressort 1% supérieur aux attentes du consensus, en croissance de 4% en organique.L’EBIT et le résultat net ressortent également proches des attentes.Abertis comme principal driver de la croissance - Sur le semestre, la...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : H1 2019: seeing through the sound and fury

We expect H1 2019 to be broadly tough going, due to base effects and volatile weather conditions. We are maintaining our sector hierarchy, with pre-announcement profit taking potentially allowing investors to reposition cheaply on the materials sector while construction/concessions could offer a safe haven. Saint-Gobain and Eiffage remain our Top Picks. - >Materials: climate change is the new normal - We expect H1 2019 to be broadly tough going, with climate change ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Interim results close to consensus

>Pro forma EBITDA growth of 4% in H1 - After +6% in Q1, Atlantia’s sales rose 3% on a pro forma basis in H1 (factoring in Abertis at 1 January 2018) 0.7% higher than forecast. The H1 EBITDA was 1% higher than the consensus with 4% organic.EBIT and net profit were also close to forecast.Abertis as the main growth driver - Over the first half, EBITDA growth was very much driven by Abertis (consolidated since end-October 2018). This division's ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Résultats S1 proches des attentes du consensus

>Croissance de l’EBITDA de 4% pro-forma au S1 - Après +6% au T1, le chiffre d’affaires d’Atlantia a progressé de 3% sur une base pro forma au S1 (en intégrant Abertis au 1 janvier 2018) 0.7% au-dessus des attentes. L’EBITDA S1 ressort 1% supérieur aux attentes du consensus, en croissance de 4% en organique.L’EBIT et le résultat net ressortent également proches des attentes.Abertis comme principal driver de la croissance - Sur le semestre, la...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : H1 2019: seeing through the sound and fury

We expect H1 2019 to be broadly tough going, due to base effects and volatile weather conditions. We are maintaining our sector hierarchy, with pre-announcement profit taking potentially allowing investors to reposition cheaply on the materials sector while construction/concessions could offer a safe haven. Saint-Gobain and Eiffage remain our Top Picks. - >Materials: climate change is the new normal - We expect H1 2019 to be broadly tough going, with climate change ...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Un S1 2019 dans le bruit et la fureur

Nous tablons sur un S1 2019 difficile, pénalisé par des effets de base et des conditions climatiques volatiles. Nous confirmons notre hiérarchie sectorielle, les prises de profits pré-publication pourraient permettre de se repositionner, à bon compte, sur le secteur des Matériaux alors que celui de la Construction/Concessions pourrait constituer un refuge. Saint-Gobain et Eiffage restent nos valeurs préférées. - >Matériaux : le dérèglement climatique comme nouvelle norme - ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : No good news in Spain, pressure in Italy: Reduce recommendation

>AP-7 motorway (Spain): no good news in the short term - Abertis (50%-owned by Atlantia) yesterday evening announced that it had been informed by the Contentious-Administrative Chamber of the Supreme Court of Spain that it will not rule on amount of the compensation settlement payable to Abertis at the end of the concession before the concession expires, i.e. 31 August 2021, whereas we had expected the ruling to be swift.As a reminder, compensation is scheduled f...

1 director sold

A director at Atlantia sold 7,999 shares at 23.971EUR and the significance rating of the trade was 65/100. 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 member...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2019

After a remarkable performance (+42.5%) since its addition into our Large Caps Convictions List, we are taking our profits on MTU Aero Engines. Since its launch (8 January), the ODDO Large Caps Convictions List posted, at 1 August, a performance (dividends reinvested) of 18% vs 15.3% for the Stoxx 600. Enjoy your summer holidays, ODDO BHF Strategy will be back on the week of 26 August. - - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2019

Après un parcours remarquable (+42,5%) depuis son entrée dans notre liste recommandée, nous prenons nos profits sur MTU Aero Engines. Depuis son lancement (8 janvier) la liste ODDO Convictions Large Caps affiche, au 1er Août, une performance dividendes réinvestis de 18% vs 15.3% pour le Stoxx 600. Excellent été à tous, ODDO BHF Strategy de retour la semaine du 26 août. - ...

Benoit Valleaux ...
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Olivier Lebrun
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/07/2019

...

Benoit Valleaux ...
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Olivier Lebrun
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/06/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

ATLANTIA with less fundamental stars is reduced to Neutral

ATLANTIA (IT), a company active in the Transportation Services industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 23.33 and its expected value was estimated at EUR 22.93.

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...

Expert Corporate Governance Service (ECGS)

Atlantia April 18th, 2019

In item 1, the Board proposes to distribute a dividend of € 0.90 per share on 2018 results, to be paid on May 22 (ex-dividend date: May 20). We regret that the proposed dividend distribution (€ 736 million) is not covered by free cash flow (- € 15'729 million in 2018), and concerns may arise over the financial situation of the Company (net debt represents 2.5 times its market capitalization). Therefore, we recommend opposition. In item 3, we also recommend opposing the authorization to buy-back shares, as the maximum price of the repurchase (120% of the market price) exceeds our voting policy...

Atlantia SPA – 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...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 02/08/2017

The EGM (item 1) is called to authorize the Board to increase the share capital by up to maximum 160'310'000 shares (19.4% of existing share capital) to service the acquisition of Abertis Infraestructuras SA. The offer for 100% of Abertis shares amounts to € 16.4 billion, equal to € 16.50 per share, to be partially paid in shares for a maximum of 23.2% of Abertis share capital. Abertis' shareholders may opt, in whole or in part, for a payment in shares at a ratio of 0.697 Atlantia Special Shares for each Abertis share. The offer is subject to the acceptance of the partial share exchange offer ...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 21/04/2017

In item 3, the Board proposes the adoption of two long-term incentive plans to replace the "Phantom Stock Option Plan 2016-2019" which terminated in 2016: a "phantom stock grant plan" and a "phantom stock option plan", providing for a cash payment respectively equal to aggregate market price of performance shares and the difference between the share market price and a predefined exercise price. We strongly regret that the main terms of the incentive plans (performance conditions and maximum amount) were not defined before requesting approval of shareholders. Furthermore, concerns may arise ove...

Valérie GASTALDY

Short term view - ATLANTIA SPA : The bounce is gaining strength.

The background trend is clearly bearish. The bounce is gaining strength. It is too early to qualify this market action as a bullish reversal. The background trend would be questioned should prices rise above €23.600.

Valérie GASTALDY

Analyse court terme - ATLANTIA SPA : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 23,600 €.

Valérie GASTALDY

Analyse court terme - ATLANTIA SPA : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 20,120 € prochainement. Le prochain objectif est à 17,538 €, puis 15,680 €. Le franchissement de 23,600 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - ATLANTIA SPA : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €20.120. The next target is at €17.538, then €15.680. Passing €23.600 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - ATLANTIA SPA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 14,119 €, puis 11,185 €. Le franchissement de 23,233 € remettrait en cause la suite de la baisse.

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