Financials Fraport AG Deutsche Boerse AG

Equities

FRA

DE0005773303

Airport Services

Market Closed - Deutsche Boerse AG Other stock markets 03:44:30 2024-04-26 am EDT			5-day change	1st Jan Change
47.58 ^EUR	+2.10%		+5.27%	-13.65%

Apr. 26	Pre-corona level far away - 13 percent more passengers in the 1st quarter	DP
Apr. 25	Dpa-AFX Overview: COMPANIES from 25.04.2024 - 15:15	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,001	4,560	5,468	3,515	5,059	4,387	-	-
Enterprise Value (EV) ¹	11,516	10,443	12,739	11,856	5,059	13,127	13,098	13,157
P/E ratio	16.7 x	-6.93 x	66.5 x	26.6 x	12.9 x	9.69 x	8.99 x	8.73 x
Yield	2.64%	-	-	-	-	-	2.66%	3.94%
Capitalization / Revenue	1.89 x	2.72 x	2.55 x	1.1 x	1.26 x	1.04 x	1.03 x	0.99 x
EV / Revenue	3.11 x	6.23 x	5.94 x	3.71 x	1.26 x	3.11 x	3.07 x	2.98 x
EV / EBITDA	9.76 x	-41.7 x	16.8 x	11.5 x	4.2 x	9.77 x	8.96 x	8.49 x
EV / FCF	-27 x	-7.56 x	-16.5 x	-32.4 x	-	-24.6 x	157 x	31 x
FCF Yield	-3.71%	-13.2%	-6.05%	-3.09%	-	-4.07%	0.63%	3.22%
Price to Book	1.58 x	1.24 x	1.46 x	0.9 x	-	0.9 x	0.82 x	0.75 x
Nbr of stocks (in thousands)	92,391	92,391	92,391	92,391	92,391	92,391	-	-
Reference price ²	75.78	49.36	59.18	38.05	54.76	47.48	47.48	47.48
Announcement Date	3/13/20	3/16/21	3/15/22	3/14/23	3/19/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,706	1,677	2,143	3,194	4,000	4,217	4,269	4,411
EBITDA ¹	1,180	-250.6	757	1,030	1,204	1,344	1,461	1,550
EBIT ¹	705	-708.1	313.7	564.5	702.8	830.5	923.7	931.1
Operating Margin	19.02%	-42.22%	14.64%	17.67%	17.57%	19.69%	21.64%	21.11%
Earnings before Tax (EBT) ¹	590	-933.2	116.4	233.9	553.9	651.2	709.6	717.9
Net income ¹	420.7	-657.6	82.8	132.4	393.2	449.9	484.3	494.5
Net margin	11.35%	-39.21%	3.86%	4.14%	9.83%	10.67%	11.35%	11.21%
EPS ²	4.540	-7.120	0.8900	1.430	4.260	4.897	5.280	5.441
Free Cash Flow ¹	-426.9	-1,381	-770.4	-366.1	-	-534.3	83.16	424.2
FCF margin	-11.52%	-82.36%	-35.94%	-11.46%	-	-12.67%	1.95%	9.62%
FCF Conversion (EBITDA)	-	-	-	-	-	-	5.69%	27.36%
FCF Conversion (Net income)	-	-	-	-	-	-	17.17%	85.8%
Dividend per Share ²	2.000	-	-	-	-	-	1.265	1.869
Announcement Date	3/13/20	3/16/21	3/15/22	3/14/23	3/19/24	-	-	-

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	2025 Q1
Net sales ¹	2,192	910.6	766.4	810.9	633.8	698.6	1,332	539.6	808.9	1,348	1,019	826.6	1,846	765.6	1,039	1,804	1,220	976.5	2,196	806.5	1,074	1,727	1,253	981.6	2,041	797.8
EBITDA ¹	-	22.6	-	335.3	288.6	133.1	-	70.7	283.9	354.6	420.3	201.2	-	158.3	323.1	481.4	478.1	244.5	-	192.8	366.3	-	473.6	278.1	-	200.4
EBIT ¹	-	-210.2	-	116.1	176.1	21.5	-	-41.3	169.5	128.2	296.1	86.5	-	41.9	204	245.9	355.1	101.8	-	70.03	235.8	-	333.6	135.6	-	66.34
Operating Margin	-	-23.08%	-	14.32%	27.78%	3.08%	-	-7.65%	20.95%	9.51%	29.05%	10.46%	-	5.47%	19.64%	13.63%	29.11%	10.42%	-	8.68%	21.97%	-	26.63%	13.82%	-	8.32%
Earnings before Tax (EBT) ¹	-	-308.9	-	19.9	132.7	-36.2	-	-144.3	35.4	-108.9	286.9	55.9	-	-42.8	154.5	111.7	357.3	84.9	-	-21.61	203.3	-	354.2	90.9	-	-30.61
Net income ¹	-	-211.3	-	20.4	76.6	-14.2	-	-108.1	59.2	-48.9	114.7	66.6	-	-21.6	102.3	80.7	235.7	76.8	-	5.446	123.6	-	207.2	77.52	-	-22.85
Net margin	-	-23.2%	-	2.52%	12.09%	-2.03%	-	-20.03%	7.32%	-3.63%	11.25%	8.06%	-	-2.82%	9.85%	4.47%	19.32%	7.86%	-	0.68%	11.51%	-	16.54%	7.9%	-	-2.86%
EPS ²	-	-	-	-	0.8300	-0.1600	-	-1.170	0.6400	-	1.240	0.7200	-	-0.2300	1.110	0.8700	2.550	0.8400	-	0.0670	1.336	-	2.241	0.8385	-	-0.2469
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/13/20	8/4/20	3/16/21	8/3/21	11/9/21	3/15/22	3/15/22	5/10/22	8/9/22	8/9/22	11/8/22	3/14/23	3/14/23	5/4/23	8/8/23	8/8/23	11/7/23	3/19/24	3/19/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,514	5,883	7,271	8,340	-	8,740	8,711	8,770
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.825 x	-23.47 x	9.605 x	8.099 x	-	6.504 x	5.961 x	5.657 x
Free Cash Flow ¹	-427	-1,381	-770	-366	-	-534	83.2	424
ROE (net income / shareholders' equity)	9.76%	-16.2%	2.25%	3.46%	-	10.1%	10.2%	9.67%
ROA (Net income/ Total Assets)	3.49%	-4.64%	0.55%	0.78%	-	2.26%	2.47%	2.61%
Assets ¹	12,038	14,168	15,165	16,924	-	19,889	19,628	18,967
Book Value Per Share ²	48.10	39.80	40.60	42.30	-	52.80	58.00	63.20
Cash Flow per Share ²	10.30	-2.550	4.220	8.510	-	9.480	9.890	10.60
Capex ¹	755	837	872	1,153	-	1,468	991	744
Capex / Sales	20.38%	49.93%	40.68%	36.11%	-	34.82%	23.22%	16.86%
Announcement Date	3/13/20	3/16/21	3/15/22	3/14/23	3/19/24	-	-	-

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 Fraport AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

47.48 EUR

Average target price

59.37 EUR

Spread / Average Target

+25.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Airport Operators

	1st Jan change	Capi.
AIRPORTS OF THAILAND	+7.11%	24.69B
KØBENHAVNS LUFTHAVNE A/S	+3.02%	5.37B
FLUGHAFEN WIEN AG	-1.77%	4.48B
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.	+5.47%	4.26B
GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED	+8.18%	3.46B
JAPAN AIRPORT TERMINAL CO., LTD.	-9.81%	3.31B
ATHENS INTERNATIONAL AIRPORT S.A.	0.00%	2.67B
ENAV S.P.A.	+13.27%	2.25B
SHENZHEN AIRPORT CO., LTD.	+10.58%	2.01B

Airport Operators