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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.
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Cavendish
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