FY19; good vintage despite early closure of Ataturk
-"The ADP publication was in line with market expectations, and the proposed dividend was stable yoy despite the declining net result. The company is preparing itself for another year of growth, with ..."
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We have incorporated management’s new proposal of not paying any dividend for 2019. It had earlier proposed an unchanged dividend of €2 per share. As ...
We have reduced further our 2020 earnings expectations for ADP which now estimates a 65% decrease in traffic (vs -25% as a first estimate) between ...
We believe that the business of satellite operators is relatively immune from COVID-19 since communication, entertainment and internet access needs ...
Our NAV is impacted by the lower EBITDA for 2020, resulting from the downward revision of top-line growth in the year (from -1.5% to -2%).