Fraport : Growth buoyed up by traffic but the stock seems fully valued to us
>We maintain our cautious stance on Fraport - Following the group’s solid Q2 numbers (+11.5% y-o-y revenue growth and +1.4% EBITDA growth), buoyed up by excellent H1 traffic volumes at Frankfurt (+9.1%) and the group’s main international airports (+9.8% at Lima, +20.0% in Greece), we spend the next few pages discussing the main reasons for our cautious stance on the stock.We acknowledge that the group’s traffic growth figures are very solid. But the stock looks ...Fraport AG Frankfurt Airport Services Worldwide is an airport operator. Co. is divided into four segments: aviation, which includes airside and terminal management as well as corporate safety and security at the Frankfurt site; retail and real estate, which consists of retailing activities, parking facility and real estate management at Frankfurt Airport; ground handling, which comprises services dealing with passengers, aircraft and cargo; and external activities and services, which comprises Co.'s companies outside the Frankfurt site and auxiliary services in Frankfurt, including information technology and facility management in particular.
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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