Company Reports

Aéroports de Paris owns and operates Paris’ three commercial airports (Charles de Gaulle, Orly, and Paris-Le Bourget). It was privatized in 2005 and listed in 2006, with the French state retaining a 50.6% stake and 58.6% of voting rights.

Aéroports de Paris reported first-half results that met expectations. More importantly, it announced an agreement with the French state for an updated 2027-34 economic regulation agreement with a higher average tariff increase than many had expected.

Aéroports de Paris owns and operates Paris’ three commercial airports (Charles de Gaulle, Orly, and Paris-Le Bourget). It was privatized in 2005 and listed in 2006, with the French state retaining a 50.6% stake and 58.6% of voting rights.

Aeroports de Paris owns and operates Paris’ three commercial airports (Charles de Gaulle, Orly, and Paris-Le Bourget). It was privatized in 2005 and listed in 2006, with the French state retaining a 50.6% stake and 58.6% of voting rights.

ADP reported mixed Q1 2026 results. At initiation on 14 April 2026, we flagged ADP as having the highest direct exposure to the Middle East conflict, which largely explains revenue below consensus estimates. ADP maintained 2026 guidance, reliant on a swift resolution to conflict-related disruptions.

We’re initiating coverage of Aeroports de Paris, or ADP, the French airport operator.

Aeroports de Paris owns and operates Paris’ three commercial airports (Charles de Gaulle, Orly, and Paris-Le Bourget). it was privatized in 2005 and listed in 2006, with the French state retaining a 50.6% stake and 58.6% of voting rights.

We are dropping coverage of Aeroports de Paris. We provide broad coverage of more than 1,500 companies globally and periodically adjust our coverage according to investor interest and staffing.

Narrow-moat Aeroports de Paris is performing ahead of expectations. First-half 2022 revenue doubled and EBITDA increased by 350% year over year, driven by a 134% increase in passenger traffic. Traffic levels in the second quarter reached 80% of 2019 levels. Management increased guidance on the back of the strong recovery. Traffic is now expected to reach 74% to 84% of 2019 levels for the full year, compared with 70% to 80% in previous guidance. EBITDA margins for the full year are expected to range between 32% and 37% versus 30% to 35% and are in line with precoronavirus levels. We maintain our EUR 115 fair value estimate with shares currently trading in overvalued territory.

Narrow-moat Aeroports de Paris is performing in line with expectations. First-quarter 2022 revenue increased by 79% year over year, driven by an 80% increase in passenger traffic. Traffic levels in the quarter reached 63% of 2019 levels. Management maintained traffic guidance of 70% to 80% of 2019 levels for the full year, which we believe could be easily achieved or exceeded given that traffic reached nearly 70% of precoronavirus levels in March. EBITDA margins for the full year are expected to range between 30% and 35%. We maintain our EUR 115 fair value estimate with shares currently trading in overvalued territory.

Narrow-moat Aeroports de Paris, or ADP, is nearing operating breakeven as traffic and revenue recovers from a low base. Full-year 2021 group revenue of EUR 2.8 billion increased by 30%, largely driven by a 37% increase in passenger traffic across the group’s airports. The EBITDA margin of 27% is ahead of previous guidance but can be attributed to one-off gains in the year. Traffic for the full year still remains at slightly less than 50% of 2019 prepandemic levels. The group is forecasting traffic to reach 70% to 80% of 2019 levels in 2022 and to fully recover between 2023 and 2024, a slight upgrade from previous guidance. More color was given on the medium-term financial guidance, with EBITDA margins expected to range between 35% and 40% by 2024, in line with prepandemic levels. Our normalized EBITDA margin is at the high end of this range at 39% by 2025. We maintain our EUR 115 fair value estimates as we update our model, while shares appear overvalued trading in 2-star territory.

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.

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.

Narrow-moat Aeroports de Paris is displaying signs of recovery as group traffic and revenue increased by 14.50% and 11.90% for the first nine months of the year, respectively. Traffic and revenue growth was almost entirely driven by a strong recovery in traffic at the group’s international airports, while traffic at Parisian airports remains depressed. Group traffic was 40% of 2019 levels for the first nine months, with third-quarter traffic at 50% of 2019 levels, in line with the recovery rates of European mainland peers. Guidance for the full year has been maintained, with traffic for the full year expected to be between 40% and 50% of 2019 levels and EBITDA margins in the 15% to 20% range--a sharp increase from the 8% EBITDA margin in 2020. Over the medium term the group continues to expect a gradual recovery in traffic to 90% of 2019 levels by 2024. We make slight changes to our near-term forecast, resulting in an increase in our fair value estimate to EUR 115 from EUR 110. Shares are trading in fair value territory.

Narrow-moat Aeroports de Paris downgraded their 2021 guidance for traffic and EBITDA, while providing more color on longer-term capital expenditure plans. Group traffic for 2021 is now expected to be at 45% of 2019 levels (50% previously), while the EBITDA margin range has been lowered to between 15% and 20%, from 18% to 23% previously. This is on the back of a slower than expected recovery in traffic, as group consolidated passenger numbers of 49 million remain below 30% of 2019 levels for the first half of 2020. Traffic at the group’s Parisian airports is only at 20% of prepandemic levels for the period, while the international businesses are seeing a faster recovery. Longer-term, the group continues to guide for a traffic recovery between 2024 and 2027. We are at the bullish end of this range and expect a recovery to prepandemic traffic levels by 2024, as consumers respond positively to the relaxation of travel restrictions. We maintain our EUR 110 fair value estimate and believe shares are trading in fair value territory.

We initiate on airport operators Aena and Aeroports de Paris, or ADP, with narrow moat and stable trend ratings. The moat ratings are underpinned by the companies' efficient scale, due to dominant positions in their local markets, and intangible assets stemming from long-term relationships with local governments and regulators. Our fair value estimates for Aena and ADP of EUR 140 and EUR 110 respectively, are trading in line with prevailing share prices and offer limited upside to investors. Income investors were traditionally attracted to the stable and predictable dividends both groups distribute, however we don’t anticipate dividends to return to precoronavirus levels as the focus will be on restoring balance sheets.

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.

We are dropping analyst coverage of Aeroports de Paris. We provide broad coverage of more than 1,500 companies across more than 90 industry groups and adjust our coverage as necessary based on client demand and investor interest.

Aeroports de Paris owns and operates airports in the number-one tourist destination in the world: Paris. The Charles de Gaulle and Orly airports account for nearly 100% of traffic in the Paris area. We estimate that ADP handles a bit more than 50% of passenger traffic in all of France. However, the company is unable to reap the benefits of its geographic monopoly, as its regulator targets a mid-single-digit return on capital as appropriate for regulated services (more than half of last year's revenue). While we expect profitability to improve as the company increases its retail and real estate sales, we don't think ADP has carved an economic moat.

Aeroports de Paris reported a 2.4% year-over-year decline in sales to EUR 637 million for the first three months of 2014, even as Paris traffic increased 3.6% to 20.1 million passengers. Overall, the results were in line with our full-year projections but year-to-date traffic is coming in much stronger than our initial 2% growth estimate. We are nudging up our traffic estimate to 3% for 2014. Combining the increased sales outlook and time value of money in our valuation methodology leads us to raise our fair value estimate to EUR 72 from EUR 70 for the no-moat rated airport operator.