Research, Charts & Company Announcements
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Take profit despite strong February traffic
15 Mar 17
Paris Aeroport released strong traffic figures for the month of February 2017. Total traffic increased by 4.2% at Paris airports, or +8.2% adjusting for the leap year effect. Traffic in France was down 2% while Europe was up 6%. The Middle East, Asia-Pacific and Africa regions were among the biggest contributors with traffic up 6.6%, 6.4% and 8.7%, respectively. North America was up 3.6% and Latin America +1.2%. Lastly, traffic at Santiago de Chile airport was up 7% and traffic at TAV airports was down 3.6%, translating mostly a 10.2% decline in aircraft movements at Istanbul Ataturk.
FY supported by exceptional items; lower 2017 traffic guidance
23 Feb 17
Paris Aéroport released a mitigated set of full-year results, broadly in line with consensus. Results [Based on 2015 restated numbers] Group revenue was up 0.4% at €2,947m, 0.8% above the €2,922m consensus. EBITDA reached €1,195m, up 0.4% from €1,191m in 2015, broadly in line with the €1,192m of consensus. Net income was up €5m, to €435m, bang in line with market expectations. By division, the Aviation and Retail businesses were up slightly, at +0.5% and +0.7%, respectively while the real estate activities were down 0.8%. International and airport developments were up 1% and revenues from other activities rose 3.6%. Traffic figures were published on 13 January so there was no surprise on this side. Total traffic was up 2%, with traffic at Orly airport up +5.3% and Charles de Gaulle broadly flat at +0.3%. Sales per pax reached €18.2, down 8% yoy, although slightly above the first nine months’ figure (€17.9). The board proposed a dividend of €2.64 per share, up €0.03 yoy, in line with the 60% pay-out guidance. Guidance For 2017, the group now sees traffic growth ranging between +1.7% and +2.2% (vs +2.3% previously), higher EBITDA and a stable 60% pay-out ratio. The company confirmed its 2020 targets, including the €23 sales per pax target. Other developments The group announced the sale of its 49% interest in TAV Construction, arguing that the Turkish company was now focusing on non-airport construction works, including towers and stadia. Following this decision, the TAV construction business has been impaired by €45m and has been reclassified under “assets held for sale”. On the other hand, Paris Aéroport’s management confirmed that the sale of its 38% interest in TAV Airport was not on the agenda. Future investments could include the acquisition of a 20% stake in the Vietnamese airport operator AVC for which Paris Aéroport seems well placed given that the Vietnamese government could prefer to sell a minority stake to Paris Aéroport given the shareholding of the French government. According to our estimates, this could represent a c.€250m investment and the sale could happen as soon as 31 March 2017. Other smaller investments could be made to increase current minority stakes (Croatia, Jordan or TAV Airports), although no specific names were given.
January traffic figures
15 Feb 17
Paris Aeroport released its January 2017 traffic figures. Total traffic increased by 7.2% at the Paris airports, broadly in line with last December’s figures. Traffic in France was up 4.9% while Europe was up 10%. The Middle East and Africa were among the biggest contributors with traffic up 15.8% and 6%, respectively. Asian and North American passengers, the biggest spenders in shops, were up 5.2% and 3.5% respectively. Lastly, traffic at Santiago de Chile airport was up 10.6% and, dare one say it, unsurprisingly, traffic at TAV airports crossed the zero line, at -5% vs +2.3% in December, translating mostly the 12.4% decline in traffic at Istanbul Ataturk airport due to political tensions and lower international traffic.
FY 2016 and December traffic figures
13 Jan 17
Paris Aéroport released its FY 2016 and December traffic figures. Full-year traffic Paris Aéroport handled a total of 97.2mpax, up 1.8% yoy. Paris-Charles de Gaulle Airport welcomed 65.9mpax (+0.3%) and Paris-Orly Airport 31.3m (+5.3%). Traffic increased by 1.5% over the first half of the year and increased by 2.1% over the second half. Excluding Europe, international traffic was up 0.4% translating growth from French overseas territories (+4.8%), the Middle East (+3.6%), LatAm (+2%) and Africa (+1.9%), partly offset by declining traffic from Asia (-6.7%), particularly from Japan and Malaysia, while North America was broadly flat at +0.1%. Traffic in France was up 1.1% while other European destinations were up 3.4%. Lastly, traffic at TAV Airports (38% owned) was up 0.5% on a like-for-like basis, to 104.4mpax and traffic at Santiago (45% owned) rose 11.3%, at 19.2mpax. December traffic In December, Paris Aéroport handled a total of 7.7mpax, up 8.8% yoy. Paris-Charles de Gaulle Airport welcomed 5.2mpax (+7.5%) and Paris-Orly Airport 2.5m (+11.5%). Excluding Europe, international traffic was up 7.7% mostly translating a strong growth from the Middle East (+14.6%), Africa (+7.1) and LatAm (+6.6%), while North America was up 4.8% and French overseas territories up 3.2%. Traffic in France was up 5.6%, while other European destinations were up 11.4%. Lastly, traffic at TAV Airports was up 2.3% and Santiago up 15.1%.
November traffic boosted by easy comps
13 Dec 16
Paris Aéroport released its November traffic figures. Paris airports welcomed 7.1 million passengers (mpax), up 6.2% yoy. 4.8mpax travelled through Paris-Charles de Gaulle (+4.5%) and 2.3mpax through Paris-Orly (+10.0%). European traffic (excluding France) was up 8% while traffic within France increased by 7.9%. International traffic (excluding Europe) was up +3.6% mostly due to growth in the Middle East (+11.4%), Africa (+5.4%) and the French Overseas Territories (+4.4%). North America was broadly flat at -0.1% while Asia was up 1%. Since the beginning of the year, traffic has grown by 1.3% to 89.5mpax while total traffic (including TAV) rose 2%, to 96.6mpax. As regards equity associates, traffic at TAV was up 1.6% in November, and 2.0% ytd while Santiago airport traffic increased by 9.6% in November 2016, and by 11% ytd.
October traffic figures
14 Nov 16
Paris Aéroport released its October traffic figures. In October, total traffic was up 0.6%. 5.8m pax travelled through Paris-Charles de Gaulle (-1.2%) and 2.8m through Paris-Orly (+4.6%). International traffic (excluding Europe) was slightly down (-0.9%), due to a decrease in Asia-Pacific (-7.9%), North America (-2.6%) and Latin America (-1.0%). At the opposite, the following destinations were up: the French Overseas Territories (+3.8%), Africa (+3.0%) and the Middle East (+0.5%). European traffic was up 2.1% excluding France while traffic in France was up 0.2%. Since the beginning of the year, traffic grew 0.9%. Traffic at TAV airports was down 0.1% versus +2% ytd.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.