DB sees Athens International Airport as 'de-risked', starts with 'hold'

Athens International Airport

14/03/2024 09:34

** Deutsche Bank initiates coverage of Athens International
Airport  AIAr.AT  with "hold" and sets its PT at 8.8 euros,
seeing no long-term risks 
    ** The broker says the company's air segment, which
generates 50-55% of the group's net income is significantly
de-risked given the regulatory framework, and faces no risk from
traffic volatility
        ** The unregulated non-air segment should fuel growth
long term with a stable yearly net-income, the broker adds
  
    ** Morgan Stanley, one of joint global coordinators of AIA's
IPO, initiates coverage of the company with "equal weight", PT
at 8.7 euros 
    ** The broker sees Greece's main airport as an index-linked
bond, on the back of concession, regulation, small retail
footprint, heavy capex and big dividend payment 
    ** Athens International Airport operates Greece's largest
tourist gateway and was country's biggest IPO in 15 years 
    ** It reported a net profit of 231.5 million euros ($253
million) in 2023, up 37.8% YoY

($1 = 0.9144 euros)

 (Reporting Antonis Triantafyllou)
 ((antonis.triantafyllou@tr.com))