Aéroports de Paris : Retour à un objectif de cours purement fondamental de 160 €
>Un S2 moins impacté par les éléments conjoncturels - Si la croissance organique (hors M&A, ticket modérateur, IFRS16, dégrèvement…) de l’EBITDA s’est élevée à 7% au S1, elle s’est avérée légèrement inférieure à nos attentes, principalement en raison d’une hausse conjoncturelle de certaines charges (communication sur la toponymie à Orly, renouvellement des uniformes, déploiement de Parafe…). Nous estimons qu’elles représentent l’équivalent d’un peu plus de 1% d’EBITDA...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.
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.
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