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Fraport’s third-quarter results were in line on revenues and exceeded EBITDA expectations. The increase in revenues was due to the strong recovery in traffic at Frankfurt as well as at the international airports where, in some tourist locations, traffic has already exceeded its pre-COVID levels. As a result of this strong recovery and the increase in airport charges, the company has confirmed its forecasts and expects prices to rise by at least 6% next year.
Companies: Fraport AG
AlphaValue
Fraport’s Q2 results exceeded revenue estimates by 6% but missed consensus EBITDA by 3%. The revenue surge came from the strong traffic recovery, while higher staff and energy costs impacted EBITDA. Due to this strong rebound and increased airport charges, the company updated its guidance. Fraport has suggested a 9.5% increase in airport charges for next year. The decision is expected in 4Q23.
Fraport’s Q1 results exceeded market expectations despite an increase in opex, thanks to an increase in airport charges, the traffic recovery and a one-time gain. However, excluding this one-time effect, EBITDA fell short of consensus. Note that the Q1 is typically the weakest quarter. This positive start is an encouraging sign for the rest of the year and Fraport expects the recovery in traffic from China to accelerate as the year unfolds, which should further boost growth.
Fraport has announced FY22 results which were better than our estimates, the difference arising from a one-time effect related to governmental compensations and disposals. However, the company provided a conservative outlook for FY23. Due to the ongoing expansion projects the Net Debt/EBITDA ratio has reached 6.9x and leverage is expected to remain stable in 2023.
Fraport released its Q3 results above market expectations, supported by a one-off compensation at the Greek airports for the losses made in H1 21. There was good traffic recovery, especially in Greece where it was above 2019’s level. Due to strong cost-cutting measures, Q3 22 EBITDA was at ~96% of Q3 19’s level, demonstrating the strong performance at international airports. Fraport’s Q3 22 FCF was clearly positive at €125m but the FY FCF is most likely to be positive territory after FY24.
Fraport reported H1 results above market expectations. However, the bottom-line figures were negatively impacted by the write-down related to the assets in Russia (one-off), only partially offset by the gains from the exit from China and higher income from the traffic recovery. Following these results, we will increase our EBITDA (in-line with the upgraded guidance) but lower our EPS estimates for 2022.
Fraport released its Q1 results below market expectations. The bottom-line figures were negatively impacted by the write-down related to assets in Russia, lower income from equity-accounted assets due to the exit from China and the absence of governmental aid, which were positive one-offs in 2021. Following this result, we will slightly lower our EBITDA and EPS estimates for 2022.
Fraport has announced FY21 results which were better than our expectations, the difference arising from higher cost savings and governmental compensations, but it has provided a conservative outlook for FY22. Due to the ongoing expansion projects that cannot be entirely delayed, capex is expected to remain at an elevated level of ~€1.1bn until 2024 (up to the termination of Frankfurt T3’s construction work). The group has not proposed any dividend for FY20.
Fraport published its 9M results, outperforming our and market expectations. Traffic recovery is strong and the group’s restructuring efforts are already visible in the Aviation and Ground Handling segments in particular. Following this result and guidance update, we will update our estimates upwards, which will positively impact our target price.
Fraport’s H1 21 performance was largely driven by one-offs, but the group’s structural improvement was visible through positive EBITDA contribution from all its airports. The group currently sees a positive trend in the traffic, especially in Russia and China where the Q2 traffic was almost at the level of 2019. However, the group’s operational improvement is overshadowed by low FCF due to severance payments and high capex.
Fraport released its Q1 results which were above market expectations. It managed to keep its EBITDA in positive territory. Traffic on its assets continued to be under pressure except in China and Russia. Its restructuring programme is almost complete and the €250m p.a. savings may kick in from 2022. Fraport is in talks with government authorities about some relief and the ~€160m aid from the German government (almost finalised) could significantly boost EBITDA this year.
Fraport has announced FY20 results which were better than our expectations mainly due to higher cost savings, but it has provided a conservative outlook for FY21. Due to the ongoing expansion projects that cannot be entirely delayed, Fraport saw capex of €1.1bn which is expected to remain at this high level at least until 2024 (until the termination of Frankfurt T3’s construction work). The group has not proposed any dividend for FY20.
Traffic at its international airports improved significantly better than at Frankfurt airport, yet the 9M revenue is down by 54%. Provisions of €280m dragged down EBITDA significantly, which in turn brought down net income to €-515m. Fraport has sufficient cost-saving initiatives in place and liquidity to survive the pandemic. Following today’s result, we will revise our earnings downwards, resulting in a slight drop in the target price.
Companies: FRA FRA FRA FPRUF FRA
Fraport has announced H1 results which were better than consensus expectations. Management expects significant traffic reduction going forward, with traffic still remaining 15-20% below the 2019 level by 2022. Hence, it has announced various opex- and capex-reducing measures to adjust to the new outlook.
Fraport released its Q1 results with profits in the negative domain for the first time in a decade. As expected, traffic in April was down by 97%. The company has taken major steps to reduce expenses and has limited the cash burn to ~€150m/month which makes the group capable enough to survive for more than a year based on its current revenues, current financial position and without any government aid.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Fraport AG. We currently have 1 research reports from 3 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
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Liberum
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Cavendish
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
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Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
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Edison
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Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
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Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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