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Aeroports de Paris SA ADP

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Morningstar’s Analysis

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We Increase Aeroports De Paris’ Fair Value Estimate to EUR 115 as the Recovery Gains Momentum

Joachim Kotze Equity Analyst

Analyst Note

| Joachim Kotze |

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.

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Company Profile

Business Description

ADP is a French airport operator. The 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 through its recent acquisition of GMR Airports. The group generates regulated and nonregulated revenue. Regulated revenue includes fees collected from takeoff and landing, passenger fees and security, whereas nonregulated revenue stems from commercial activities such as retail, food and beverage and advertising sales. In 2019, the group catered to 108 million passengers through its Parisian airport network.

1 rue de France, Tremblay- en- France
Paris, 93 290, France
T +33 174256700
Sector Industrials
Industry Airports & Air Services
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 24,447