On Friday, HSBC reiterated its 'lighten up' recommendation on ADP shares, highlighting the airport operator's 'demanding' valuation despite the uncertainties surrounding the dossier.
While the group has set itself the objective of moderate traffic growth over the long term, the broker considers that its outlook to 2026 is uncertain from a regulatory point of view.
In its view, it is simply impossible today to estimate the level of operating expenses for regulated activities in 2026, or the implications for the company's profitability.
Despite this, the broker points out, the stock is currently trading at a 12% premium to its European peers in terms of Enterprise Value/Ebitda 2024, and at over 40% in terms of PER.
While HSBC has raised its price target from 104 to 110 euros, it points out that this target shows a downward potential of around 12% from current price levels.
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Aéroports de Paris develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2023, the Group handled c. 99.7 million passengers at Paris-CDG and Paris-Orly, and c. 326.7 million passengers abroad. Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris is pursuing its strategy of adapting and modernizing its terminal facilities, upgrading quality of services and developing retail and real estate businesses. Sales break down by activity as follows:
- supply of airport services (32.9%): air traffic management, intermodal transportation and terminal management, telecommunication spaces, and installation of airport infrastructures, etc.;
- operating sales areas and services (30.5%): shops, restaurants, banks, exchange offices, etc.;
- real estate management (5.4%): land and commercial real estate property leasing (businesses, offices, hotels, logistics buildings, passenger registration and transfer, baggage handling, aircraft management (cleaning, guidance, storage and starting assistance, aircraft loading and unloading), etc.;
- other (31.2%): including international airport management, airport engineering services, specialized telecommunications services, etc.
AÉROPORTS DE PARIS 
