Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FRAPORT AG FRANKFURT AIRPORT. We currently have 34 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
FRAPORT AG FRANKFURT AIRPORT
FRAPORT AG FRANKFURT AIRPORT
2016 profits were very disappointing indeed
17 Mar 17
The group’s revenue fell by 0.5% to €2.59bn but EBIT and net earnings were up by 33% to €694m and by 36% to €375m, respectively. As a result, management proposes a dividend of €1.50 compared to €1.35 paid for 2015. While revenue is slightly lower than we had anticipated (€2.59bn), the net profit number is considerably lower (€412m). This is also reflected in the dividend, which we had projected to be unchanged but we had assumed a bonus payment of €1 on top of the regularly paid €1.35.
Frankfurt passenger number up in January
10 Feb 17
This number increased by 1.8% to 4.23m in the last month while the cargo volume increased by 5.8% to 165,835 tons. Lima’s passenger number was up by 12% to 1.68m. Of the at-equity consolidated airports, St Petersburg (+30% to 1.02m) has started to see a strong recovery and Xi’an (+19% to 3.31m) continued to boom. On the other hand, the number of passengers having used the Antalya terminal continued falling (-1.9% to 0.68m).
2016 passenger number just below the previous year’s
13 Jan 17
The passenger number was up by 3.9% to 4.26m in December in Frankfurt which brought the full-year number to 60.8m, a decrease of 0.4%. Lima, the other large fully-consolidated airport, saw its passenger number rising by 7.6% to 1.58m and 10% to 18.84m, respectively. Xi’an (at-equity consolidated) also experienced strong growth (+16% to 3.04m and +12% to 37.0m) while the full-year passenger numbers fell at all other at-equity consolidated airports and terminals (Antalya -31% to 19.0m; St Petersburg -1.7% to 13.27m; Hanover -0.8% to 5.4m). Frankfurt’s number of passengers on European destinations was up by 4.3% in the last month (-0.4% full-year) while those to/from inter-continental destinations was up by 3.5% (-0.3%). Except for APAC, where the passenger number was down in both the last month and full-year, it was up to all other inter-continental destinations in December but also down to Africa in the full-year. The latest numbers indicate that retailers in Frankfurt have also received some support for their businesses lately.
Frankfurt’s passenger number will not be up in 2016
12 Dec 16
The number was up by 4.9% to 4.14m in November which brought the ytd number to 56.53m, a decrease of 0.7%. To reach last year’s number of 61m in the full-year, December needs to show an increase of almost 10%, which is very unlikely indeed. Lima (70% controlled) has been the star performer in 2016 among airports and terminals that are fully consolidated. Its passenger number was up by 7.6% to 1.55m in the last month and 10.3% to 17.26m ytd. Xi’an (24.5% controlled) has also achieved strong growth (+14% to 2.99m and +12% to 33.96m, respectively). On the other hand, political problems in Turkey resulted in a fall of 18% to 0.87m in November and 32% to 18.36m in Antalya (51%). The passenger number seems to have stabilised in St Petersburg (35.5%) with an increase of 20% to 0.95m in the last month but a fall of 3.3% to 12.28m ytd. The latest regional growth numbers in Frankfurt were evenly split between those flying to/from European (+5.2%) and intercontinental destinations (+4.5%). The respective ytd (negative) growth numbers were also quite similar (-0.7% and -0.6%).
Fraport’s new pricing structure
09 Dec 16
The airport operator has received approval to increase fees at Frankfurt Rhein-Main by 1.9% as of January 2017. At the same time, it is able to offer incentives to airlines that open flights to new destinations if they increase their passenger numbers by 3%. Under this condition, the fee for the new destination is reduced by 50% in the first year, by 33% in the second, and by 25% in the third. Management argues that the fee increase and the incentives are necessary to finance the company’s investments in the new runway and the construction of an entirely new terminal. Based on the airlines’ earlier indications, these investments were necessary to cope with rising passenger numbers. However, this number has grown by less than 1.5% p.a. during the last ten years when we assume that the 2016 number is unchanged from last year’s. Consequently, revenue growth would be insufficient without the fee increase. By offering the above incentives to existing and new clients (i.e. airlines), management sees the passenger growth rate accelerating in the years to come. Whether this will allow Fraport not to ask for further fee increases in the future remains to be seen.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
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.