Barclays maintains its 'weighted in line' recommendation on Aéroports de Paris, but raises its price target from €115 to €120, after 2023 EBITDA was in line with market expectations, while net profit exceeded them thanks to exceptional gains.
Given the scale of the challenges ahead, projections for 2024 have been relatively constructive", says the broker, who "continues to see economic regulation as the key issue, which is still very uncertain".
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Aéroports de Paris develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2023, the Group handled c. 99.7 million passengers at Paris-CDG and Paris-Orly, and c. 326.7 million passengers abroad. Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris is pursuing its strategy of adapting and modernizing its terminal facilities, upgrading quality of services and developing retail and real estate businesses. Sales break down by activity as follows:
- supply of airport services (32.9%): air traffic management, intermodal transportation and terminal management, telecommunication spaces, and installation of airport infrastructures, etc.;
- operating sales areas and services (30.5%): shops, restaurants, banks, exchange offices, etc.;
- real estate management (5.4%): land and commercial real estate property leasing (businesses, offices, hotels, logistics buildings, passenger registration and transfer, baggage handling, aircraft management (cleaning, guidance, storage and starting assistance, aircraft loading and unloading), etc.;
- other (31.2%): including international airport management, airport engineering services, specialized telecommunications services, etc.