Eiffage published a set of figures which were in line with consensus but toll roads traffic disappoints us somewhat, mainly because of the “Yellow Vests” unrest. The big question is what will be the impact of the 30% discount. Note that French APRR toll roads account for 40% of gross assets in our NAV, so this will be key to forecast next year’s EBITDA contribution from toll roads. Overall, we guestimate an impact of less than 5% on EBITDA.
28 Feb 2019
FY18: limited impact from 30% toll roads discount in FY19 in our opinion
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FY18: limited impact from 30% toll roads discount in FY19 in our opinion
Eiffage SA (FGR:WBO) | 0 0 1.5% | Mkt Cap: 9,050m
- Published:
28 Feb 2019 -
Author:
Felix Brunotte -
Pages:
3
Eiffage published a set of figures which were in line with consensus but toll roads traffic disappoints us somewhat, mainly because of the “Yellow Vests” unrest. The big question is what will be the impact of the 30% discount. Note that French APRR toll roads account for 40% of gross assets in our NAV, so this will be key to forecast next year’s EBITDA contribution from toll roads. Overall, we guestimate an impact of less than 5% on EBITDA.