Fraport: stock down - results in line, forecasts disappoint

(CercleFinance.com) - On Tuesday, airport operator Fraport announced record sales and operating profit for 2023, a performance that nevertheless failed to impress the market.


The German group reports that Ebitda climbed by 16.9% to E1.2bn last year, a figure broadly in line with analysts' expectations.

Sales, meanwhile, rose by 25.2% to just under E4bn, while cumulative passenger numbers at Frankfurt airport jumped by 59.4 million last year.

For 2024, Fraport expects passenger traffic at Frankfurt Airport to come in at between 61 and 65 million passengers.

Group Ebitda is expected between E1.26bn and E1.36bn this year, against a consensus of E1.35bn.

Given its high level of debt and negative free cash flow (FCF), the airport operator still has no plans to pay a dividend.

On the Frankfurt Stock Exchange, Fraport shares fell by 4.5% on Tuesday morning following this publication.


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