Fraport: Oddo still neutral - disappointed by results

(CercleFinance.com) - An analyst at Oddo BHF this morning confirmed a "neutral" recommendation on the Fraport share, after 2019 results that came in below expectations.


In recent weeks, the group has obviously suffered from a sharp drop in passenger traffic. 10% of its traffic is to and from Asia, including 3% for China, 5% for Italy, 10% for the US. To cope with this, the group has gradually stepped up measures implemented. These include wage freezes, part-time employment, in addition to State aid recently. For what it's worth, note that without the impact of COVID-19, the group would have anticipated a stable number of passengers in 2020, revenues that are up 3%, EBITDA growth of 2.5% and net income that is up 8%. However, the broker notes that the group has confirmed its dividend of 2 euros.

Oddo BHF thus confirms its target price of 75 euros.


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