Report
Sven Edelfelt

Fraport : Q1 results higher than expected but the worst is yet to come

>Sales down 17.8% and EBITDA down 35.6% in Q1 2020 - Q1 2020 sales were down 17.8% to € 661.1m, 2.4% above the consensus. Adjusted for the booking of revenues relating to IFRIC 12, sales were down 12.6% to € 593.2m.All segments were affected by the 25% fall in traffic in Frankfurt (already published):The aviation segment posted a fall of -16.1% (vs -22% forecast by the consensus); retail and real estate -12.5% (-15% for the consensus) and ground handling -1...
Underlying
Fraport AG

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.

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
Sven Edelfelt

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