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ADP - Aeroports De Paris SA News Story

€101.35 3.2  3.2%

Last Trade - 17/09/21

Sector
Industrials
Size
Large Cap
Market Cap £8.29bn
Enterprise Value £15.46bn
Revenue £1.67bn
Position in Universe 85th / 843

BUZZ-Risk/reward no longer as appealing for European airports - Berenberg

Wed 30th June, 2021 8:27am
** Berenberg says the risk/reward for the European airports
now looks much less appealing given hesitant traffic recovery
and lingering pandemic-related risks
    ** "There is little room for error yet risks abound, given
the uncertainties around cautious government travel policy,
virus mutations and business travel planning," the brokerage
says
    ** After the sector's continued cash burn and strong share
performance year-to-date on the back of COVID-19 vaccine
roll-out, it seems unlikely for valuations to expand post-crisis
vs pre-pandemic levels, Berenberg adds
    ** Traffic recovery in Europe is still below Berenberg's
expectations, leading it to cut passenger numbers outlook for
2021 to 38% of 2019 levels vs 44% anticipated in January
    ** It downgrades Germany's Fraport  FRAG.DE  and France's
ADP  ADP.PA  to "hold" from "buy" on valuation, saying any
sudden change in sentiment or risk profile risks a sudden
de-rating
    ** It keeps Aena  AENA.MC  and Vienna Airport  VIEV.VI  at
"buy", saying the two are safer options "to remain exposed to
the reopening of international travel in the medium term" thanks
to better traffic mixes and lower cash burn
    ** Berenberg reiterates Zurich Airport's "hold" rating,
saying it is too expensive compared to peers in view of its
relatively unhelpful traffic mix and cash burn

 (Reporting by Dagmarah Mackos)
 ((dagmarah.mackos@thomsonreuters.com))
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