Report
Yan Derocles

Aéroports de Paris : Encore trop d’incertitudes : Sous-performance confirmée

>Guidance abaissée : trafic égal à 50% du niveau de 2019 attendu au S2 - Comme détaillé dans notre commentaire du 29 juillet, ADP a abaissé ses guidances 2021 tant sur la marge d’EBITDA (désormais attendue entre 15% et 20% vs entre 18% et 23% précédemment) que sur le trafic (trafic parisien attendu entre 30% et 40% du niveau de 2019 vs 35% à 45% précédemment). Lors de la réunion téléphonique et des calls que nous avons organisés avec lui, Philippe Pascal (CFO d’ADP) a...
Underlying
Aeroports de Paris SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Yan Derocles

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