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Adp

  ADP FP

Airports, Property Operations - Devlp,...
 /  France 
Piloting 2015 regulated activities' ROCE to WACC level
Updates
02/09/2010EPS change
Change in EPS2010 : € 2.92 vs 2.76+6.03 %
2011 : € 3.03 vs 2.90+4.70 %

We have upgraded our profit forecasts by 4-5% after the H1 10 results.

Piloting 2015 regulated activities' RO...
02/09/2010Earnings/sales releases
Despite the losses in traffic (1.4m pas...
29/07/2010Other news/comments
On 26/07/10 ADP signed the new Eco...
14/05/2010Earnings/sales releases
Q1 10 sales (€646.2m; + €37.7m) are ...
24/02/2010Earnings/sales releases
FY 09 preliminary results are above e...
19/01/2010Earnings/sales releases
In December 2009, traffic revenue con...
10/12/2009Other news/comments
ADP has published its proposal for the...
17/11/2009Earnings/sales releases
During Q3 09, revenue continued to sl...
16/10/2009Earnings/sales releases
In September 09, passenger traffic at ...
28/08/2009Other news/comments
ADP’s H1 09 profit is up 1.3% (+€1.7...
Summary Key Data
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 24.0 18.1
Dividend yield (%) 2.24 2.72
EV/EBITDA (x) 10.1 8.38
AlphaValue EPS (€) 2.57 2.78
Dividend (€) 1.38 1.37
Sales (€M) 2,527 2,633
EBITDA (€M) 827 877
Attributable net profit (€M) 252 270
ROE (after tax) (%) 8.27 8.54
ROCE (%) 5.63 6.07
Gearing (%) 66.9 73.1
Next Div. Indic € 1.45 payment
Target
Price (€) 58.1
Market Cap (€M) 5,745
Perf. 1W: 6.47 %
Perf. 1M: 2.02 %
Perf. 3M: 6.91 %
Perf Ytd: 3.05 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
RISK
GOVERNANCE
RANKING
Best
Worst
Businesses & Trends
Europe’s 2nd largest airport group by turnover (two major airports owned and operated), no.5 worldwide based on passenger numb... Read More
Money Making
Retail’s EBITDA is higher and grows faster than Airport services'.ADP‘s proposal for the 2011-2015 ERA, almost finalised, is more f... Read More
Valuation
The 2011-2015 ERA proposal confirms a high DCF value on the basis of 4.7% EBITDA growth beyond 2012 (CAGR hypothesis of ... Read More
Analyst: Myriam Cohen
Concepts
Business concepts
  • Asset based
  • Concession/infrastructure
  • Regulation & tax drivers
  • Shareholder is last stak...
  • Certain / boring cash fl...
Investment Concepts
  • One share, no vote
  • Quasi oligopoly
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