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.
04 Nov 2020
9M 20: EBITDA landing in the negative zone
Fraport AG (FRA:WBO), 0 | Fraport AG (FRA:ETR), 0 | Fraport AG (0O1R:LON), 0 | Fraport AG (FPRUF:OTC), 0 | Fraport AG (FRA:SWX), 0
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9M 20: EBITDA landing in the negative zone
Fraport AG (FRA:WBO), 0 | Fraport AG (FRA:ETR), 0 | Fraport AG (0O1R:LON), 0 | Fraport AG (FPRUF:OTC), 0 | Fraport AG (FRA:SWX), 0
- Published:
04 Nov 2020 -
Author:
Sejal Varshney -
Pages:
3
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.