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

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Decent results but a reduction in the dividend

>Q3 2018 EBITDA 4% ahead of expectations - Q3 2018 revenues came to € 1,722m (strictly in line with the consensus), i.e. an increase of 1.5% relative to Q3 2017. Growth was driven mainly by good momentum in airports, despite a negative currency effect in foreign motorways (-€ 16m in the quarter by our estimates). The contribution from Rome and Nice airports, which represented 13% of 2017 revenue, came to € 949m (including € 238m for Nice, a strong increase). EBITDA € ...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2018

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2018

...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Résultats de bonne facture mais baisse du dividende

>EBITDA T3 2018 4% au-dessus des attentes - CA T3 2018 à 1 722 M€ (en ligne stricte avec le consensus), soit une hausse de 1.5% par rapport au T3 2017. Cette croissance est principalement tirée par la bonne dynamique dans les aéroports, malgré un effet changes négatif sur les autoroutes étrangères (-16 M€ sur le trimestre selon nous). La contribution des aéroports de Rome et de Nice, 13% du CA 2017, est de 949 M€ (dont Nice 238 M€, en forte hausse). EBITDA à 1 170 M€ ...

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.

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Decent results but a reduction in the dividend

>Q3 2018 EBITDA 4% ahead of expectations - Q3 2018 revenues came to € 1,722m (strictly in line with the consensus), i.e. an increase of 1.5% relative to Q3 2017. Growth was driven mainly by good momentum in airports, despite a negative currency effect in foreign motorways (-€ 16m in the quarter by our estimates). The contribution from Rome and Nice airports, which represented 13% of 2017 revenue, came to € 949m (including € 238m for Nice, a strong increase). EBITDA € ...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Résultats de bonne facture mais baisse du dividende

>EBITDA T3 2018 4% au-dessus des attentes - CA T3 2018 à 1 722 M€ (en ligne stricte avec le consensus), soit une hausse de 1.5% par rapport au T3 2017. Cette croissance est principalement tirée par la bonne dynamique dans les aéroports, malgré un effet changes négatif sur les autoroutes étrangères (-16 M€ sur le trimestre selon nous). La contribution des aéroports de Rome et de Nice, 13% du CA 2017, est de 949 M€ (dont Nice 238 M€, en forte hausse). EBITDA à 1 170 M€ ...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Building France: September, continued slowdown in the non-residential segment

>Negative stock market impact - Figures down in September in both the residential and non-residential segments The slowdown in the residential segment, which was not in doubt, continues. The bad news stems from figures in non-residential, which confirm the decline observed in August, with new building starts now showing a decline over three months rolling, as is the case for building permits. Over twelve months rolling, new building starts in the non-residential segme...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Bâtiment France : Septembre, poursuite du ralentissement dans le non résidentiel

>Impact boursier négatif - Chiffres en baisse en septembre à la fois dans le résidentiel et dans le non résidentiel. Le ralentissement dans le résidentiel, qui ne faisait pas de doute, continue. La mauvaise nouvelle provient des chiffres du non résidentiel, qui confirment le repli observé en août, avec des mises en chantier qui s’affichent désormais en baisse sur trois mois glissants, comme pour les permis de construire. Sur 12 mois glissants, les mises en chantier da...

Samantha Jeary ...
  • Sven Edelfelt
  • Virginie Rousseau

Atlantia : Between a slowdown in traffic and exceptionals...

>Sales: towards a slowdown in traffic in Italy - At group level, we are forecasting Q3 2018 sales of € 1.742bn (+2.7% y-o-y), buoyed by motorways outside Italy and airports. After a rather soft H1 (+0.6% compared to H1 2017 - impacted by snow in March), Italian motorway traffic should slow further in H2 (+0.4% according to us). We are forecasting -0.2% in Q3 and a recovery in Q4. We are revising our full-year forecast from +1.5% to +0.5%.Airport traffic (in...

1 director bought

A director at Atlantia bought 13,500 shares at 17.696EUR and the significance rating of the trade was 75/100. 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 mem...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2018

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2018

...

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. - ...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/29/2018

The current sell-off and the previous corrections have the same causes: doubts on the macro-economic cycle with fears of a brutal slowdown potentially aggravated by a pro-cyclical monetary policy. The US bond market has an optimistic view of this apocalyptic picture. The potential for the yield on US Treasuries to increase via real rates seems exhausted and paves the way for a decline in long-term rates, a support factor for equities, provided, however, that the Democrats prevail. Th...

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)

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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