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
Expert Corporate Governance Service (ECGS)

Atlantia – AGM 29 May 2020

In light of the uncertainties generated by Covid-19 pandemic, and taking into account Atlantia's commitments related to higher highway maintenance (agreed after the collapse of "Morandi Bridge" in Genoa in August 2018), in item 1 the Board proposes not to distribute dividends on 2019 results, and to carry forward the entire amount of the profit for the year. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Hence, we ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : € 1.5bn in provisions, uncertainties for 2020… and beyond

>2019 results affected by a new provision for ASPI (€ 1.5bn) - Yesterday evening Atlantia published its 2019 results (they were initially supposed to be published at the start of March), which came in below expectations. Sales rose 2.7% to € 11,630m (vs € 11,459m est.). Conversely, EBITDA came to € 5,727m (vs € 7,452m est.) penalised by a new provision of € 1,500m for Italian motorways in order to factor in the proposal made to the government (see below). Even strippi...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Provision de 1.5 Md€, incertitudes sur 2020… et sur la suite

>Résultats 2019 impactés par une nouvelle provision sur ASPI (1,5 Md€) - Atlantia a publié hier soir ses résultats 2019 (ils devaient initialement être publiés début mars) inférieurs aux attentes. Le chiffre d’affaires progresse de 2,7% à 11 630 M€ (vs 11 459 M€e). En revanche, l’EBITDA ressort à 5 727 M€ (vs 7 452 M€e) pénalisé par une nouvelle provision de 1 500 M€ sur les autoroutes italiennes afin d’intégrer la proposition faite au gouvernement (voir ci-après). Mê...

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.

Atlantia: 1 director sold

A director at Atlantia sold 27,000 shares at 21.231EUR and the significance rating of the trade was 93/100. 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 membe...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : € 1.5bn in provisions, uncertainties for 2020… and beyond

>2019 results affected by a new provision for ASPI (€ 1.5bn) - Yesterday evening Atlantia published its 2019 results (they were initially supposed to be published at the start of March), which came in below expectations. Sales rose 2.7% to € 11,630m (vs € 11,459m est.). Conversely, EBITDA came to € 5,727m (vs € 7,452m est.) penalised by a new provision of € 1,500m for Italian motorways in order to factor in the proposal made to the government (see below). Even strippi...

Sven Edelfelt ...
  • Virginie Rousseau

Atlantia : Provision de 1.5 Md€, incertitudes sur 2020… et sur la suite

>Résultats 2019 impactés par une nouvelle provision sur ASPI (1,5 Md€) - Atlantia a publié hier soir ses résultats 2019 (ils devaient initialement être publiés début mars) inférieurs aux attentes. Le chiffre d’affaires progresse de 2,7% à 11 630 M€ (vs 11 459 M€e). En revanche, l’EBITDA ressort à 5 727 M€ (vs 7 452 M€e) pénalisé par une nouvelle provision de 1 500 M€ sur les autoroutes italiennes afin d’intégrer la proposition faite au gouvernement (voir ci-après). Mê...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : COVID-19 crisis: uniform collapse, recovery in dispersed order

While the collapse in our groups' activity is fairly uniform (-70% to -90%), we believe that the pace of recovery will be much faster for motorway concessions and construction than for airports. This is not reflected in share price performances. We are downgrading Fraport to Reduce (target price € 41) and we remain on Reduce for ADP (target price € 100). We prefer Vinci (€ 85) and Eiffage (€ 86). - >Motorway and air transport traffic, construction: almost uniform collapse ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : Crise du COVID-19 : effondrement uniforme mais reprise en ordre dispersé

Alors que l’effondrement de l’activité de nos groupes est assez uniforme (-70 à -90%), nous pensons que le rythme de reprise sera beaucoup plus rapide pour les concessions autoroutières et la construction que pour les aéroports. Ceci ne se reflète pas dans les performances boursières. Nous dégradons Fraport en Alléger (OC 41 €) et restons en Alléger sur ADP (OC 100 €). Nous préférons Vinci (86 €) et Eiffage (85 €). - >Trafic autoroutier, aérien, construction : un effondrem...

Despite a better risk assessment and improving to Neutral, ATLANTIA remains under pressure

ATLANTIA (IT), a company active in the Transportation Services industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date April 3, 2020, the closing price was EUR 13.20 and its target price was estimated at EUR 11.65.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/01/2020 - Industrie Pharmaceutique

Pharma: Une première opération d’acquisition en 2020 pour Eli Lilly BBVA (Achat) : Emission d'€1md de titres Tier 2 à 2030 avec un coupon de 1% Atlantia (Conserver) : Envisage une cession de 49% de Telepass, le processus de révocation des concessions autoroutière est ralenti Ryanair (Conserver) : Revoit à la hausse sa prévision de RN pour 2020, compris entre €950m à €1,05 md Jaguar Land Rover (Vente) : Vente de 557.706 voitures en 2019 (-5,9%) Casino (Achat souches courtes, Conserver souches longues) : Envisage de céder son enseigne Leader Price à...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 10/01/2020 - Transport maritime

Transport maritime : La nouvelle réglementation environnementale OMI 2020 devrait aboutir à une hausse tarifaire dans le secteurDette souveraine : Un marché primaire dynamique en ce début d’annéeSantander (Achat) : Emission d’un nouveau titre AT1 CoCo avec un coupon de 4,375%Air France-KLM (Achat) : Le trafic de passagers a augmenté de +3,5% en décembre, pour un coefficient d’occupation de 86,4% (+0,7pt)IAG (Achat) : Le trafic de passagers a augmenté de +6,4% en décembre, pour un coefficient d’occupation de 83,9% (+3,5pt)Orange (Achat Hybrides) : Envisage l'IPO de ses activités au Moyen-Orient...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/12/2019 - FedEx- EN

FedEx (U/P Vs. M/P): New Profit Warning JAB Holdings: Considers An Initial Public Offering of Its Coffee Business Credit Agricole (O/P): Impairment of Goodwill On Its Subsidiary LCL of €600m Peugeot (O/P) And Fiat Chrysler Automobiles (O/P): Green Light For The Merger Takko Fashion (M/P Vs O/P) - 9M-19: EBITDA of €132m (+25.6%) Hema (U/P) - 9M-19: EBITDA of €70m (-3.8%) Atlantia (M/P): The Italian Government Plans To Postpone Its Decision On The Italian Concession Until Early 2020

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- FR

Atlantia (Achat) : EBITDA de €5,7 mds (+115%, +1% en comparable) sur les 9M-19 Telecom Italia (Achat) : Réduction de la dette, développement des services cloud en partenariat avec Google Iliad (Achat) Une offre de rachat d’actions de €1,4md, financée par une augmentation de capital Credito Emiliano - 9M-19 : RN de €158m (+4,5%) Mediobanca (Achat) : La participation de Leonardo Del Vecchio est passée à environ 9,9% BPCE (Achat) - 9M-19 :  Résultat avant impôts de €4,1 mds (-5,5%) Expedia (Achat) - 9M-19 : Résultat opérationnel de $743m (+2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Benoit Valleaux ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/16/2020

We held our fourth ODDO BHF TMT Forum in Paris. Clearly, much of the discussion, but not all of it, centred on the impact of COVID-19 for the companies represented and their sector. In an unprecedented context, we have decided to write factual feedback documents. All our scenarios will be reviewed sector by sector in separate notes in the coming days. Cf. Report published today. - ...

Benoit Valleaux ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/03/2020

Nous avons organisé notre 4ème Forum TMT à Paris. Bien entendu, une grande partie des discussions (mais pas toutes…) ont porté sur l’impact du COVID-19 sur les sociétés représentées et sur leur secteur. Dans un contexte hors norme, nous avons décidé d’écrire des feedbacks factuels. Tous les scénarios sectoriels seront revus secteur par secteur dans des notes séparées dans les prochains jours. - Cf. étude publiée ce jour. - ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/17/2020

In this report, we discuss the acceleration of a new model governing relations between advertising agencies and advertisers. Advertising agencies are not about to disappear but are set to gradually lose their role as prime contractors as in-house advertising, facilitated by technology, becomes more widespread. For Publicis and WPP, organic growth and margins will remain under pressure at least until 2020. Valuations are currently low (P/E 2020e of ~9.9x) but our sector analysis still ...

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 – AGM 29 May 2020

In light of the uncertainties generated by Covid-19 pandemic, and taking into account Atlantia's commitments related to higher highway maintenance (agreed after the collapse of "Morandi Bridge" in Genoa in August 2018), in item 1 the Board proposes not to distribute dividends on 2019 results, and to carry forward the entire amount of the profit for the year. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Hence, we ...

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...

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