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    BNP Paribas sees positive but 'more muted' 2026 for European infrastructure

    Picture of Fraport Frankfurt Airport Services Worldwide AG logoFraport Frankfurt Airport Services Worldwide AG
    10/12/2025 08:16
    ** Exane BNP Paribas sees 2026 as a positive year for transport and infrastructure, as macro conditions "are expected to stay benign", but slightly less than the current year

** "European transport & infrastructure equities still trade at reasonable valuations, but the upside is more muted compared to the strong-run up seen in 2025," the brokerage says

** It upgrades parent ACS ACS.MC and unit Hochtief HOTG.DE to "outperform" from "neutral" and chooses both, together with Groupe ADP ADP.PA, as its top picks

** "We think the value of (ACS') data centres JV is overlooked by the street and, like Hochtief, we think it can surprise positively," it says

** It downgrades Vinci SGEF.PA and Fraport FRAG.DE to "neutral" from "outperform" due to a "less favourable risk/reward balance" and a "weakening FCF inflection story", respectively


    COMPANYRATINGOLD RATINGPT
    ACSoutperformneutral107.0 euros
    Aena AENA.MCneutralneutral24.9 euros
    Athens Airport AIAr.ATneutralneutral10.9 euros
    Eiffage FOUG.PAoutperformoutperform150.0 euros
    Ferrovial FERF.ASneutralneutral55.0 euros
    Fraportneutraloutperform74.0 euros
    Groupe ADPoutperformoutperform150.0 euros
    Hochtiefoutperformneutral375.0 euros
    Vincineutraloutperform131.0 euros
    Vinci ADRneutraloutperform$38.0
    Zurich Airport FHZN.Sneutralneutral248.0 CHF
    

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))

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