Barclays notes diverse trends across European airports, ups Aena

Flughafen Zuerich AG

30/01/2025 11:06

** Barclays highlights diverse trends across European
airlines due to factors like regulation, traffic, retail, and
politics
    ** Fraport  FRAG.DE  has regulatory clarity for four years,
while AENA  AENA.MC  and Zurich  FHZN.S  face reviews, and ADP
 ADP.PA  continues its annual process, the broker notes
    ** It adds that in traffic ADP is poised for a strong Q1 due
to soft comps, Athens  AIAr.AT  thrives, but Fraport's capacity
remains flat and AENA's growth slows
    ** In retail, the broker flags that ADP's deceleration will
occur from Q4, while Fraport may see improvement due to food &
beverage re-openings
    ** Barclays upgrades Aena to "overweight" from
"equal-weight" predicting 8.3% traffic growth in Q1
    ** It remains "overweight" both on Fraport citing
approaching cashflow inflection, and on Athens due to surging
traffic
    ** It keeps its "equal-weight" on ADP due to political
uncertainty in France and tax threats, and on Zurich flagging
Noida airport start-up risk
    
    
    
    
    

 (Reporting by Marta Serafinko, Michal Aleksandrowicz)
 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))