Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ADP. We currently have 22 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)