Fraport: Stifel sill a buyer after results

(CercleFinance.com) - Stifel maintains a Buy rating on the stock, with an unchanged target price following the announcement of the 2024 results.


Q4 EBITDA was down 4% y-o-y, reaching E251m (under consensus of E262m and Stifel's forecast of E257m).

The analyst believes that the group's EBITDA forecasts are in line, but a recovery in volumes is expected in March.

For FY 2025, the company expects moderate growth in Frankfurt, with up to 64 million passengers (consensus 63 million).

EBITDA should grow in the single digits (consensus of E1.39bn, or 7%, Stifel's forecast of E1.40bn, or 8%), benefiting from the (already known) 6% increase in fees and a rise in flight volumes, the broker adds.

FCF for FY 2024 stands at -E675m (against Stifel's forecast of -E568m). This figure is at the lower end of the forecast range (-E490m to -E660m), depressed by even higher capex of E1.7bn (above Stifel's forecast of E1.6bn), he judges.

For 2025, the company confirms that FCF will be close to break-even, as capital expenditure will start to decline (E1.1bn) and will continue to decline over the following years Stifel adds in conclusion.


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