FRANKFURT (dpa-AFX) - Investors reacted with disappointment to Fraport 's business forecasts on Tuesday. The share price fell by 5.5 percent in the morning and reached its lowest level since the beginning of November. The shares were the biggest loser in the mid-cap index MDax.

Analyst Graham Hunt from the US bank Jefferies wrote in an initial assessment of a "weaker than expected outlook" for the current year. This shows the adverse environment in which the company is operating. He predicted share price losses even before the start of trading.

Fraport's profit target tends to fall short of expectations, the expert continued. The mean value of the forecast range for the operating result (EBITDA) of 1.26 to 1.36 billion euros is 3.4 percent below the average market expectation.

Higher than expected capital expenditure is also likely to weigh on operating cash, Hunt wrote. A net cash outflow of EUR 490 to 690 million is expected in 2024. The mean value of this range is around EUR 260 million below the average estimate of analysts.

After a strong year for Borsen in 2023 with a share price increase of around 44%, the shares failed to get off to a good start in 2024. They fell by more than ten percent this year. On Tuesday, the share price also slipped back below the 200-day moving average, which attracts a great deal of attention on the market as a longer-term trend barometer./bek/stw/jha/