Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ADP. We currently have 21 research reports from 1 professional analysts.
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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.
9-month results in line
08 Nov 16
Paris Aéroport released its 9-month results. Results Consolidate revenue came in at €2,183m, down 0.5%, in line with the first half of the year. Aviation activities were stable, at €1,315m. Retail and Services revenue was also flat, at €680m. Additionally, Real Estate was up 0.4%, International and Airport Developments were down 4.8% (ADP Management +26.7%, ADP Ingénierie -12%) and other activities were up 3.9%. Traffic During the nine months, total traffic grew 1.5%. Traffic at Paris grew by 0.9%, with a total of 73.8m passengers, comprising 50.1m passengers at CDG (-0.7%) and 23.7m at Orly (+4.4%), mainly supported by traffic increases on routes between Paris and Latin America (+1.9%), the Middle East (+2.1%), Europe (+2.4%) and French overseas territories (+5.1%), while traffic from Asia-Pacific was down 8.6%. Traffic at Santiago de Chile was up 11.2%, and at the Istanbul Atatürk airport down 1.3%. The number of connecting passengers was up 1.3% and the connecting rate increased by 0.1 points, to 23.7%. Aircraft movements (536,000) were up by 1.0%. Freight and postal activity increased by 1.6%.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced