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
Virginie Rousseau ...
  • Yan Derocles

Aeroports de Paris : Messages that underpin our caution: Reduce maintained

>Major caution on the resumption of traffic in Paris - At the conference call which followed the publication of H1 results, ADP’s management confirmed that it does not have enough visibility to provide the market with indications on 2020 EBITDA. The group nevertheless confirmed its caution regarding the resumption of traffic in Paris with a return to 2019 levels between 2024 and 2027 (ODDO BHF: 2025). Whilst the group anticipates a very rapid recovery in domestic traf...

Virginie Rousseau ...
  • Yan Derocles

Aéroports de Paris : Des messages qui confortent notre prudence : Alléger maintenu

>Grande prudence sur la reprise du trafic à Paris - Lors de la conférence téléphonique qui a suivi la publication de résultats S1, le management d’ADP a confirmé ne pas avoir assez de confort pour communiquer des indications d’EBITDA 2020. Il a cependant confirmé sa grande prudence sur la reprise du trafic à Paris avec un retour sur les niveaux de 2019 entre 2024 et 2027 (ODDO BHF : 2025). S’ils attendent une reprise assez rapide du trafic domestique et un retour sur ...

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 €.

Virginie Rousseau ...
  • Yan Derocles

Aeroports de Paris : Messages that underpin our caution: Reduce maintained

>Major caution on the resumption of traffic in Paris - At the conference call which followed the publication of H1 results, ADP’s management confirmed that it does not have enough visibility to provide the market with indications on 2020 EBITDA. The group nevertheless confirmed its caution regarding the resumption of traffic in Paris with a return to 2019 levels between 2024 and 2027 (ODDO BHF: 2025). Whilst the group anticipates a very rapid recovery in domestic traf...

Virginie Rousseau ...
  • Yan Derocles

Aéroports de Paris : Des messages qui confortent notre prudence : Alléger maintenu

>Grande prudence sur la reprise du trafic à Paris - Lors de la conférence téléphonique qui a suivi la publication de résultats S1, le management d’ADP a confirmé ne pas avoir assez de confort pour communiquer des indications d’EBITDA 2020. Il a cependant confirmé sa grande prudence sur la reprise du trafic à Paris avec un retour sur les niveaux de 2019 entre 2024 et 2027 (ODDO BHF : 2025). S’ils attendent une reprise assez rapide du trafic domestique et un retour sur ...

Virginie Rousseau ...
  • Yan Derocles

Aeroports de Paris : Substantial losses in H1, compounded by writedowns

>EBITDA a shade above the consensus, disappointment on EBIT and net profit - After having published a group traffic figure down 94.1% in Q2, ADP’s sales were down by 80.5% to € 256m, in line with the consensus expectations (-80% to € 257m), i.e. -46.5% for H1. Unsurprisingly, aviation activities (-78.8%), commercial activities (-85%) and international activities (-84.3%) were penalised by the fall in traffic, whilst real estate was stable vs Q2 2019.H1 2020 EBITD...

Virginie Rousseau ...
  • Yan Derocles

Aéroports de Paris : Pertes significatives au S1 2020, aggravées par des dépréciations

>EBITDA légèrement supérieur au consensus, déception sur EBIT et RN - Après avoir publié un trafic groupe en baisse de 94.1% au T2, le chiffre d’affaires d’ADP affiche une baisse de 80.5% à 256 M€ en ligne avec les attentes du consensus (-80% à 257 M€), i.e. -46.5% pour le S1. Sans surprises, les activités aéronautiques (-78.8%), les activités commerciales (-85%) et les activités internationales (-84.3%) sont pénalisées par la baisse du trafic alors que l’immobilier ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : A Q2 in lockdown hell

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to ...

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,...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

ADP presents increased market risk and shows a lower rating of Slightly Negative

The independent financial analyst theScreener just requalified the risk of ADP (FR), active in the Transportation Services industry. As regards its fundamental valuation, the title receives a new star(s) and now shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and can be qualified as risky. theScreener considers that these elements lead to an overall rating downgrade to Slightly Negative while the title remains exposed to strong pressure. As of the analysis date April 17, 2020, the closing price was EUR 88.40 and its target price was estimated at EUR 77...

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)

Aéroports de Paris – AGM 12 May 2020

ITEM 21: The Company proposes to insert a Preliminary Article to the Articles of Association of the Company before Article 1 in order to clarify its purpose ("Raison d'Être"). While it is appreciable that the company has decided on a Raison d'Être that is specific to its business, it is regrettable that the company has not communicated the process by which it came up with this Raison d'Être or whether stakeholders were involved (and if so, how many participants were involved). However, we have no reason to oppose this resolution. ITEMS 15 and 31: In view of the current health crisis, the comp...

Jehanne Leroy

Aéroports de Paris - Assemblée Générale des actionnaires du 12 mai 2020

La société propose d’insérer un article Préliminaire aux statuts de la société avant l’article 1 afin de préciser sa Raison d'Être. S’il est appréciable que la société ait décidé d’une Raison d’être qui lui est spécifique, on regrettera toutefois qu’elle n’ait pas communiqué le processus l’ayant conduite à rédiger cette Raison d'Être ou encore si des parties prenantes ont été mises à contribution (et si c’est le cas, combien de participants ont été mis à contribution). Cependant, nous n’avons de raison de nous opposer à cette résolution. Nous recommandons donc l’approbation de la résolution 21...

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...

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