We Initiate Coverage of Aeroports De Paris With a Fair Value Estimate of EUR 110

Aeroports de Paris, or ADP, group owns the three major commercial airports in Paris (Charles de Gaulle, Orly and Paris-Le Bourget) and has stakes in several international airports, including a portfolio of Turkish airports, through its holding of TAV Airports, and a 31% indirect stake in Indian airports New Delhi and Hyderabad. In 2019, before the impact of the coronavirus on the industry, the group saw 108 million passengers pass through its airports in Paris, which experienced passenger traffic growth of 3.1% per year from 2014 to 2019, in line with growth of its largest European peers over the same period.