Fraport : Q3 results: good opex control but retail spend per passenger disappoints
>Q3 results slightly ahead - Target price adjusted upwards - Fraport’s Q3 2023 results were slightly ahead of our estimates, as opex performance was clearly better than expected: reported revenues at Frankfurt airport were € 631m vs € 630m estimated by ODDO BHF, while EBITDA was 10% or € 20m above our numbers. However, despite the good opex performance in the quarter, especially in the ground handling division, we suspect that part of the beat came from the accounting...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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