ADP has released better-than-expected 9m revenue figures, mainly owing to higher revenues from the international business. Traffic at Paris airports is in line with our current assumptions but we will upgrade our revenue estimates for the international business. The impact on the target price will however be overshadowed by a downward revision to our margin expectations.
22 Oct 2021
9M 21: TAV-led revenue growth
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9M 21: TAV-led revenue growth
- Published:
22 Oct 2021 -
Author:
Sejal Varshney -
Pages:
3
ADP has released better-than-expected 9m revenue figures, mainly owing to higher revenues from the international business. Traffic at Paris airports is in line with our current assumptions but we will upgrade our revenue estimates for the international business. The impact on the target price will however be overshadowed by a downward revision to our margin expectations.