Financials Aéroports de Paris London S.E.

Equities

0NP8

FR0010340141

Airport Services

Market Closed - London S.E. Other stock markets 11:30:00 2024-06-14 am EDT			5-day change	1st Jan Change
113.2 ^EUR	-4.27%		-14.15%	-3.94%

May. 22	Augustin de Romanet appointed interim CEO	CF
May. 22	Aeroports de Paris Names Interim Chairman/CEO	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,423	10,498	11,210	12,351	11,562	11,133	-	-
Enterprise Value (EV) ¹	22,880	18,003	19,144	19,716	19,496	19,413	19,528	19,603
P/E ratio	29.6 x	-8.98 x	-45.3 x	24 x	18.3 x	20.6 x	16.5 x	14.9 x
Yield	2.1%	-	-	2.5%	3.26%	2.9%	3.62%	4%
Capitalization / Revenue	3.71 x	4.91 x	4.04 x	2.63 x	2.1 x	1.87 x	1.77 x	1.71 x
EV / Revenue	4.87 x	8.42 x	6.89 x	4.21 x	3.55 x	3.25 x	3.11 x	3.01 x
EV / EBITDA	12.9 x	107 x	25.5 x	11.6 x	9.97 x	9.54 x	8.87 x	8.53 x
EV / FCF	65.4 x	-32.6 x	83.2 x	22.8 x	33.7 x	94.3 x	58.8 x	27.5 x
FCF Yield	1.53%	-3.07%	1.2%	4.38%	2.96%	1.06%	1.7%	3.63%
Price to Book	3.46 x	2.88 x	3.19 x	3.07 x	2.65 x	2.45 x	2.27 x	2.11 x
Nbr of stocks (in thousands)	98,939	98,944	98,944	98,651	98,650	98,697	-	-
Reference price ²	176.1	106.1	113.3	125.2	117.2	112.8	112.8	112.8
Announcement Date	2/10/20	2/17/21	2/16/22	2/16/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,700	2,137	2,777	4,688	5,495	5,966	6,287	6,519
EBITDA ¹	1,772	168	751	1,704	1,956	2,035	2,202	2,298
EBIT ¹	1,094	-1,374	-20	988	1,239	1,198	1,371	1,449
Operating Margin	23.28%	-64.3%	-0.72%	21.08%	22.55%	20.08%	21.8%	22.22%
Earnings before Tax (EBT) ¹	875	-1,764	-238	764	1,016	884.3	1,100	1,204
Net income ¹	588	-1,169	-248	516	631	537	676.2	751.9
Net margin	12.51%	-54.7%	-8.93%	11.01%	11.48%	9%	10.76%	11.53%
EPS ²	5.950	-11.81	-2.500	5.220	6.390	5.481	6.821	7.573
Free Cash Flow ¹	350	-552	230	864	578	206	332.3	711.7
FCF margin	7.45%	-25.83%	8.28%	18.43%	10.52%	3.45%	5.28%	10.92%
FCF Conversion (EBITDA)	19.75%	-	30.63%	50.7%	29.55%	10.12%	15.09%	30.97%
FCF Conversion (Net income)	59.52%	-	-	167.44%	91.6%	38.35%	49.14%	94.65%
Dividend per Share ²	3.700	-	-	3.130	3.820	3.267	4.085	4.511
Announcement Date	2/10/20	2/17/21	2/16/22	2/16/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	2,515	1,168	969	989	879	909	1,788	848	1,158	2,006	1,378	1,304	2,682	1,194	1,351	2,545	1,576	1,374	2,950	1,324	1,476	2,809	1,704	1,479	3,148
EBITDA	1,008	39	129	155	-	-	596	-	-	702	-	-	1,002	-	-	863	-	-	1,093	-	-	-	-	-	-
EBIT	641	-375	-763	-243	-	-	223	-	-	340	-	-	648	-	-	449	-	-	790	-	-	-	-	-	-
Operating Margin	25.49%	-32.11%	-78.74%	-24.57%	-	-	12.47%	-	-	16.95%	-	-	24.16%	-	-	17.64%	-	-	26.78%	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-821	-	-256	-	-	18	-	-	227	-	-	537	-	-	305	-	-	711	-	-	-	-	-	-
Net income	338	-543	-626	-172	-	-	-76	-	-	160	-	-	356	-	-	211	-	-	420	-	-	-	-	-	-
Net margin	13.44%	-46.49%	-64.6%	-17.39%	-	-	-4.25%	-	-	7.98%	-	-	13.27%	-	-	8.29%	-	-	14.24%	-	-	-	-	-	-
EPS	3.430	-5.490	-6.320	-1.740	-	-	-0.7600	-	-	1.620	-	-	3.600	-	-	2.140	-	-	4.250	-	-	2.300	-	-	4.010
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.820	-	-	-	-	-	-
Announcement Date	2/10/20	7/27/20	2/17/21	7/28/21	10/22/21	2/16/22	2/16/22	4/27/22	7/28/22	7/28/22	10/27/22	2/16/23	2/16/23	4/26/23	7/27/23	7/27/23	10/25/23	2/14/24	2/14/24	4/26/24	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,457	7,505	7,934	7,365	7,934	8,279	8,395	8,470
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.08 x	44.67 x	10.56 x	4.322 x	4.056 x	4.069 x	3.813 x	3.686 x
Free Cash Flow ¹	350	-552	230	864	578	206	332	712
ROE (net income / shareholders' equity)	11.9%	-19.3%	-5.91%	11.4%	15%	12%	14.5%	14.6%
ROA (Net income/ Total Assets)	3.58%	-4.74%	1.34%	2.77%	3.28%	2.62%	3.44%	3.62%
Assets ¹	16,430	24,647	-18,466	18,603	19,252	20,520	19,640	20,798
Book Value Per Share ²	50.80	36.80	35.50	40.80	44.20	46.00	49.70	53.40
Cash Flow per Share ²	15.70	2.980	7.630	15.70	16.10	15.10	16.90	17.80
Capex ¹	1,203	848	527	689	865	1,282	1,364	1,329
Capex / Sales	25.6%	39.68%	18.98%	14.7%	15.74%	21.48%	21.7%	20.38%
Announcement Date	2/10/20	2/17/21	2/16/22	2/16/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aéroports de Paris

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

112.8 EUR

Average target price

133.7 EUR

Spread / Average Target

+18.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airport Services

	1st Jan change	Capi.
AENA S.M.E., S.A.	+12.49%	29.62B
SHANGHAI INTERNATIONAL AIRPORT CO., LTD.	+1.83%	11.45B
GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V.	+13.64%	9.2B
GRUPO AEROPORTUARIO DEL PACÍFICO, S.A.B. DE C.V.	+4.13%	8.46B
AUCKLAND INTERNATIONAL AIRPORT LIMITED	-15.06%	6.79B
GMR AIRPORTS INFRASTRUCTURE LIMITED	+16.60%	6.79B
FLUGHAFEN ZÜRICH AG	+9.79%	6.64B
MALAYSIA AIRPORTS HOLDINGS	+34.78%	3.51B
SATS LTD.	+5.82%	3.2B

Other Airport Services