Fraport : Reduce recommendation maintained after interim results release
>Very gradual upturn in traffic, a “new normal†in 2022 / 2023 - During the conference call which followed the H1 2020 results release (commented in our note of 4 August), Fraport’s management confirmed a very gradual upturn in traffic. In Frankfurt, traffic is currently down 75%; the group is forecasting a fall of 60-70% in December and a decline of 50% vs the 2019 level in 2021 (ODDO BHF: -42%).Fraport then anticipates the reaching of a “new normalâ€Â in 2022-202...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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