Eiffage: Oddo maintains buy rating - targets 103 euros

(CercleFinance.com) - APRR saw its traffic drop by -1.
8% (against -7% expected by Oddo) in the fourth quarter of 2018, having been penalised by the yellow vests protests.

Traffic in 2018 was up 2.2% (including +1.7% for PC and +4.7% for HGVs), resulting in a 4.7% increase in APRR's sales to 2,538 million euros.

Although we were aware that our forecast of a 7% decrease in traffic was very cautious for the APRR network (probably less impacted by the yellow vests protests than the Vinci Autoroutes network), this publication is excellent news and largely underpins our buy rating on the stock, Oddo says.


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