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ADP: UBS no longer values privatisation

( - This morning UBS has again focused on the Aéroports de Paris (ADP) case, at a time when the sale of the State's controlling stake has become uncertain.

Maintaining a "neutral" rating on the stock, analysts have cut their corresponding target price from 177 euros to 151 euros (-14.7%).

The Constitutional Council has validated the possibility of a shared initiative referendum (RIP) on this privatisation, which will delay it at least, and reduces its likelihood, UBS believes. Indeed, the ADP share has fallen by over 20% since the peak reached last summer. The broker maintains its “neutral” rating as it no longer anticipates a privatisation in its valuation scenario, UBS says to justify its reduced target price.

Finally, UBS believes that the Group's EBITDA target for 2025 would be difficult to achieve.

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