ADP: discounted share sale belies relative strengths - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

ADP: discounted share sale belies relative strengths

The French airports group has staked its future on international travel

The easiest way to fly green? Take the train instead. Soon travellers in France will not have a choice. Domestic flights of two and a half hours or fewer will be outlawed under new emissions rules. But investors need not fear for Parisian airports owner ADP which has instead staked its future on international travel.

Its shares blipped on to traders’ radars on Tuesday when Schiphol Group, the Amsterdam airport owner, sold its 3.9% ADP stake one-tenth below market prices. Its shares plummeted more than 12 per cent.

ADP owns and operates the important Charles de Gaulle and Orly airports in Paris. Traffic in the first nine months of this year remained about 15 per cent below 2019 levels. Lockdowns in China explain why lucrative Asia-Pacific routes remain far more subdued.

As for the French domestic flight ban, that will be limited, says Henk Ombelet of consultancy Cirium. Only three routes will be affected in total, all from ADP’s Orly airport, which accounted for just 3 per cent of traffic in 2019.

ADP shares had been cruising. Over the past two years it had outpaced the MSCI all world transport infrastructure sector index. Before Tuesday’s drop its enterprise value to ebitda ratio traded at a 30 per cent premium to listed regional rivals. Its multiple has descended to a more palatable 12 times.

The Paris group’s lower reliance on European travellers explains the remaining premium. At Spanish rival Aena 90 per cent of passengers originate from the continent. That means more exposure to the local economic cycle and to stricter EU environmental rules for flights.

Meanwhile, ADP’s stakes in Turkish and Indian airport operators diversify its revenues further with some potential for growth; a third of profits will come from outside of Europe by 2025, thinks Jefferies, up from a quarter. ADP shrewdly managed to buy these stakes during a period of low interest rates.

On analyst estimates, ADP offers a free cash flow yield of 3 per cent annually on average out to 2025. That still beats that from French government debt. This air pocket drop offers an opportunity for those anticipating a recovery in global air travel next year.

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

Lex专栏:铸犁为剑——给欧洲工业吹响的战斗号角

在重整军备的推动下,汽车制造商迎来了革新其生产线的又一次机遇。

为何仍应看多黄金?

库珀:尽管这种贵金属在中东战争期间遭到抛售,但其前景仍更为乐观。

试图摆脱对微软依赖的德国联邦州

在各国领导人日益主张欧洲减少对美国科技巨头的依赖之际,追求“数字主权”的努力使得石勒苏益格-荷尔斯泰因州成为欧洲的一块“试验田”。

FT社评:价格管制重返主流令人不安

价格管制虽然能带来短期纾困,但也会衍生新的问题。与其关注价格管制,各国政府不如把重点放在提高生产率上。

元首关系紧张,美英安全合作出现裂痕

英美围绕伊朗战争出现分歧,正在冲击两国外交人员、官员以及军方人员之间的工作关系。

FT社评:全球贸易保卫战中的“中间力量缺位”

有关取代美国、寻找多边体系之锚的讨论没有得出什么实际成果。
设置字号×
最小
较小
默认
较大
最大
分享×