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1. Company Snapshot

1.a. Company Description

Aeroports de Paris SA owns and operates airports worldwide.The company operates through Aviation, Retail and Services, Real Estate, International and Airport Developments, and Other Activities segments.The Aviation segment offers security and airport safety services, such as security checkpoints, screening systems, aircraft rescue, and fire-fighting services.


The Retail and Services segment provides retail activities comprising of bars, restaurants, banks, car rentals, and retails shops, as well as engages in leasing of space for terminals, advertising, restaurant, and car park services.This segment is also involved in production and supply of heat, drinking water, and access to the chilled distribution networks.The Real Estate segment engages in construction, commercialization, and lease management of office, logistic buildings, and freight terminals; and provides property leasing services for airport terminals, as well as rents serviced land.


The International and Airport Developments segment designs and operates airport activities.The Other Activities segment offers telecom and cybersecurity services.It operates and manages approximately 28 airports worldwide.


Aeroports de Paris SA was incorporated in 1945 and is based in Tremblay-en-France, France.

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1.b. Last Insights on ADP

Aéroports de Paris' recent performance was driven by a 9.6% rise in first-half revenue to €3.16 billion, fueled by passenger growth and steady retail spending. The company's revenue increase was supported by a strong operational performance, with no major disruptions or one-off events impacting results. Additionally, the company's diversified revenue streams, including retail and ancillary services, contributed to the positive trend. According to recent reports, Groupe ADP's solid financials were partly offset by exchange rate volatility and one-off tax charges.

1.c. Company Highlights

2. Groupe ADP's Half Year 2025 Results: Solid Operational Performance Amidst Challenging Context

Groupe ADP's half-year results showcased a solid operational performance, with revenue rising by nearly 10% to EUR 3.2 billion and recurring EBITDA surpassing the EUR 1 billion mark, up 8.7%. Net debt to recurring EBITDA ratio has improved to 4x, indicating a strengthening of the company's financial position. Traffic growth remains on track, with a 4.5% increase in Paris and 3.9% at TAV Airport.

Publication Date: Aug -09

📋 Highlights
  • Revenue Growth:: Revenue increased nearly 10% to EUR 3.2 billion in H1 2025.
  • Recurring EBITDA:: Exceeded EUR 1 billion, up 8.7% year-on-year.
  • Net Debt Ratio:: Reduced to 4x recurring EBITDA, reflecting improved financial leverage.
  • Dividend Floor:: Introduced a minimum EUR 3 per share to stabilize returns amid FX volatility.
  • CapEx Strategy:: Over 50% of EUR 2.8B CapEx allocated to maintenance and safety; H2 acceleration expected.

Financial Performance Affected by FX and Taxation

Despite the solid operational performance, net income was significantly impacted by the accounting effects of a normally high FX variation and a temporary increase in taxation in France, resulting in a net income of EUR 97 million. Christelle de Robillard, CFO, highlighted that the EUR 3 per share dividend floor was introduced to protect shareholders from potential FX variation risks, securing a stable dividend policy despite the current uncertainty.

Industrial Project Progress and Regulatory Cycle Preparations

The company has made decisive progress on its industrial project in Paris, particularly in Paris Charles de Gaulle, with the completion of the voluntary public consultation and the launch of the Connect France partnership with Air France to reinforce CDG's position as a global hub. Groupe ADP is preparing for the next regulatory cycle, with a proposal for the upcoming Economic Regulation Agreement to be submitted before the end of the year, a crucial step in securing long-term value creation and further strengthening the group's positioning as a global infrastructure leader.

Valuation Metrics

With a P/E Ratio of 30.17, P/B Ratio of 2.34, and EV/EBITDA of 8.47, the company's valuation appears to be pricing in a significant portion of its growth prospects. The dividend yield of 2.66% and free cash flow yield of 3.91% provide some comfort, while the ROIC of 3.33% and ROE of 7.78% suggest a relatively efficient use of capital. The net debt to EBITDA ratio of 3.72 indicates a manageable level of leverage.

Outlook and Analyst Estimates

Despite the challenges, the company is fully confirming its 2025 outlook. Analysts estimate revenue growth of 4.5% for next year. However, the actual EPS came out at EUR 0.98, relative to estimates of EUR 2.52, indicating a significant miss. The company's ability to contain costs and manage investments will be crucial in meeting its growth targets.

3. NewsRoom

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Groupe ADP third-quarter revenue exceeds consensus estimates

Oct -24

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Assessing Aeroports de Paris (ENXTPA:ADP) Valuation as Markets Pause for Direction

Sep -11

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Aéroports de Paris posts revenue rise on passenger growth and steady retail spend

Jul -30

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Aéroports de Paris stock falls after mixed 2Q results

Jul -30

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Are You Splurging on Food and Drink Before Departure? Your Airport Really Hopes So

Mar -04

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Aeroports de Paris SA (AEOXF) (FY 2024) Earnings Call Highlights: Strong Financial Performance ...

Feb -25

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Aeroports de Paris SA (AEOXF): Among the Best Airport Stocks to Invest in Now

Feb -17

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Is Aeroports de Paris SA (AEOXF) One of the Worst Airport Stocks to Buy?

Sep -30

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.67%)

6. Segments

Aviation

Expected Growth: 5.5%

Aeroports de Paris SA's 5.5% growth in Aviation is driven by increasing air travel demand, fueled by a strong economy and rising tourism. Additionally, the company's strategic investments in airport infrastructure, improved air traffic management, and enhanced passenger experience contribute to the growth. Furthermore, the rise of low-cost carriers and the growth of cargo traffic also support the segment's expansion.

International and Airport Development - TAV Airports

Expected Growth: 6.2%

TAV Airports' 6.2% growth driven by increasing air travel demand, strategic airport acquisitions, and expansion into high-growth markets. Strong partnerships with airlines, efficient operations, and investments in digitalization and sustainability initiatives also contribute to growth. Additionally, the company's diversified revenue streams, including aeronautical and non-aeronautical services, provide a solid foundation for continued expansion.

Retail and Services - Extime Duty Free Paris (Ex SDA)

Expected Growth: 5.8%

Strong tourism growth in Paris, driven by increased travel from Asia and the Middle East, coupled with Aeroports de Paris SA's successful marketing strategies and investments in enhancing the travel experience, have contributed to the 5.8% growth in Extime Duty Free Paris (Ex SDA) retail and services segment.

Retail and Services

Expected Growth: 5.5%

Aeroports de Paris SA's Retail and Services segment growth of 5.5% is driven by increasing passenger traffic, expansion of retail space, and strategic partnerships. Growing demand for travel retail, particularly in luxury and duty-free segments, also contributes to growth. Additionally, investments in digitalization and omnichannel experiences enhance customer engagement, driving sales and revenue.

International and Airport Development - Airport International Group PSC

Expected Growth: 6.0%

Airport International Group's 6.0% growth is driven by increasing air travel demand, strategic partnerships, and expansion into new markets. Additionally, investments in airport infrastructure, technology, and services enhance passenger experience, attracting more airlines and passengers. The acquisition by Aeroports de Paris SA brings expertise and resources, further fueling growth.

Real Estate

Expected Growth: 4.8%

Aeroports de Paris SA's Real Estate segment growth of 4.8% is driven by increasing passenger traffic, airport expansion projects, and strategic partnerships. Growing demand for air travel and cargo transportation fuels rental income from airport facilities. Additionally, the company's diversification into commercial real estate, such as office and retail spaces, contributes to the segment's growth.

Other

Expected Growth: 4.2%

Aeroports de Paris SA's 4.2% growth is driven by increasing passenger traffic, driven by tourism and business travel, as well as growth in air cargo. Additionally, the company's focus on improving airport infrastructure and services, such as retail and dining, contributes to revenue growth.

Retail and Services - Relay@ADP

Expected Growth: 5.3%

Relay@ADP's 5.3% growth in Retail and Services is driven by increasing passenger traffic, strategic partnerships, and expansion of its retail network. Additionally, investments in digital transformation and enhanced customer experience have contributed to the segment's growth.

International and Airport Developments

Expected Growth: 5.9%

Aeroports de Paris SA's 5.9% growth in International and Airport Developments is driven by increasing air travel demand, strategic partnerships, and investments in airport infrastructure. Additionally, the company's expansion into emerging markets, diversification of revenue streams, and focus on sustainability initiatives contribute to its growth momentum.

7. Detailed Products

Airport Operations

Management of airport infrastructure, including air traffic control, baggage handling, and security services.

Retail and Services

Management of retail spaces, including shops, restaurants, and bars, as well as provision of services such as parking, car rentals, and hotel reservations.

Real Estate

Management of airport real estate, including office space, logistics facilities, and land development.

Airport Security

Provision of security services, including passenger screening, baggage screening, and access control.

Airport Maintenance

Provision of maintenance services, including airfield maintenance, building maintenance, and utility management.

Airport Development

Development of airport infrastructure, including terminal expansions, runway renovations, and other capital projects.

8. Aeroports de Paris SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Aeroports de Paris SA is medium due to the presence of alternative modes of transportation such as trains and buses, but the convenience and time-saving aspect of air travel reduces the likelihood of substitution.

Bargaining Power Of Customers

The bargaining power of customers for Aeroports de Paris SA is low due to the lack of alternative airports in the Paris region, giving the company a strong negotiating position.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Aeroports de Paris SA is medium due to the presence of multiple suppliers for goods and services, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Aeroports de Paris SA is low due to the high barriers to entry in the airport industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Aeroports de Paris SA is high due to the presence of other major airports in Europe, such as Amsterdam Schiphol and Frankfurt Airport, which compete for air traffic and airline customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 70.42%
Debt Cost 10.43%
Equity Weight 29.58%
Equity Cost 10.43%
WACC 10.43%
Leverage 238.07%

11. Quality Control: Aeroports de Paris SA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

123.2$

Current Price

123.2$

Potential

-0.00%

Expected Cash-Flows