ADP: UBS no longer values privatisation
(CercleFinance.com) - 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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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.