ENXTPA:ADP

Stock Analysis Report

Executive Summary

Aéroports de Paris SA designs, construct, and operates airports.

Rewards

Earnings are forecast to grow 7.8% per year

Earnings have grown 12.4% per year over the past 5 years

Risk Analysis

Has a high level of debt

Unstable dividend track record



Snowflake Analysis

Average dividend payer with mediocre balance sheet.


Similar Companies

Share Price & News

How has Aéroports de Paris's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ADP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.3%

ADP

0.2%

FR Infrastructure

0.5%

FR Market


1 Year Return

9.2%

ADP

17.3%

FR Infrastructure

21.9%

FR Market

Return vs Industry: ADP underperformed the French Infrastructure industry which returned 17.3% over the past year.

Return vs Market: ADP underperformed the French Market which returned 21.9% over the past year.


Shareholder returns

ADPIndustryMarket
7 Day-0.3%0.2%0.5%
30 Day2.1%2.0%-0.7%
90 Day9.7%11.4%4.0%
1 Year11.8%9.2%20.2%17.3%26.2%21.9%
3 Year96.7%85.1%91.2%78.5%41.8%28.1%
5 Year103.3%81.3%87.7%67.4%78.7%52.2%

Price Volatility Vs. Market

How volatile is Aéroports de Paris's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Aéroports de Paris undervalued compared to its fair value and its price relative to the market?

26.32x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ADP (€175.8) is trading above our estimate of fair value (€61.83)

Significantly Below Fair Value: ADP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ADP is poor value based on its PE Ratio (26.3x) compared to the Infrastructure industry average (17.5x).

PE vs Market: ADP is poor value based on its PE Ratio (26.3x) compared to the French market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: ADP is poor value based on its PEG Ratio (3.4x)


Price to Book Ratio

PB vs Industry: ADP is overvalued based on its PB Ratio (3.7x) compared to the FR Infrastructure industry average (1.8x).


Next Steps

Future Growth

How is Aéroports de Paris forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

7.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ADP's forecast earnings growth (7.8% per year) is above the savings rate (-0.1%).

Earnings vs Market: ADP's earnings (7.8% per year) are forecast to grow slower than the French market (11.4% per year).

High Growth Earnings: ADP's earnings are forecast to grow, but not significantly.

Revenue vs Market: ADP's revenue (4.3% per year) is forecast to grow slower than the French market (4.6% per year).

High Growth Revenue: ADP's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ADP's Return on Equity is forecast to be low in 3 years time (12.3%).


Next Steps

Past Performance

How has Aéroports de Paris performed over the past 5 years?

12.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ADP has high quality earnings.

Growing Profit Margin: ADP's current net profit margins (13.8%) are lower than last year (14.5%).


Past Earnings Growth Analysis

Earnings Trend: ADP's earnings have grown by 12.4% per year over the past 5 years.

Accelerating Growth: ADP's earnings growth over the past year (13.4%) exceeds its 5-year average (12.4% per year).

Earnings vs Industry: ADP earnings growth over the past year (13.4%) underperformed the Infrastructure industry 13.4%.


Return on Equity

High ROE: ADP's Return on Equity (13.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Aéroports de Paris's financial position?


Financial Position Analysis

Short Term Liabilities: ADP's short term assets (€3.4B) exceed its short term liabilities (€2.5B).

Long Term Liabilities: ADP's short term assets (€3.4B) do not cover its long term liabilities (€8.4B).


Debt to Equity History and Analysis

Debt Level: ADP's debt to equity ratio (135.2%) is considered high.

Reducing Debt: ADP's debt to equity ratio has increased from 98.2% to 135.2% over the past 5 years.

Debt Coverage: ADP's debt is well covered by operating cash flow (21%).

Interest Coverage: ADP's interest payments on its debt are well covered by EBIT (6.2x coverage).


Balance Sheet

Inventory Level: ADP has a high level of physical assets or inventory.

Debt Coverage by Assets: ADP's debt is not covered by short term assets (assets are 0.4x debt).


Next Steps

Dividend

What is Aéroports de Paris's current dividend yield, its reliability and sustainability?

2.10%

Current Dividend Yield


Dividend Yield vs Market

company2.1%marketbottom25%1.5%markettop25%4.6%industryaverage4.0%forecastin3Years2.4%

Current dividend yield vs market & industry

Notable Dividend: ADP's dividend (2.1%) is higher than the bottom 25% of dividend payers in the French market (1.49%).

High Dividend: ADP's dividend (2.1%) is low compared to the top 25% of dividend payers in the French market (4.6%).


Stability and Growth of Payments

Stable Dividend: ADP's dividend payments have been volatile in the past 10 years.

Growing Dividend: ADP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.4%), ADP's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ADP's dividends in 3 years are forecast to be covered by earnings (63% payout ratio).


Next Steps

Management

What is the CEO of Aéroports de Paris's salary, the management and board of directors tenure and is there insider trading?

3.6yrs

Average management tenure


CEO

Augustin Pascal Pierre Louis de Romanet de Beaune (57yo)

7.1yrs

Tenure

€456,165

Compensation

Mr. Augustin Pascal Pierre Louis Marie de Romanet de Beaune has been the Chairman and Chief Executive Officer of Aéroports de Paris Société Anonyme since November 29, 2012. He serves as the Chairman of the ...


CEO Compensation Analysis

Compensation vs Market: Augustin Pascal Pierre Louis's total compensation ($USD505.05K) is below average for companies of similar size in the French market ($USD3.74M).

Compensation vs Earnings: Augustin Pascal Pierre Louis's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.6yrs

Average Tenure

57yo

Average Age

Experienced Management: ADP's management team is considered experienced (3.6 years average tenure).


Board Age and Tenure

10.4yrs

Average Tenure

63yo

Average Age

Experienced Board: ADP's board of directors are seasoned and experienced ( 10.4 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Augustin Pascal Pierre Louis de Romanet de Beaune (57yo)

    Chairman & CEO

    • Tenure: 7.1yrs
    • Compensation: €456.17k
  • Franck Goldnadel (50yo)

    Executive Director

    • Tenure: 9.9yrs
    • Compensation: €390.00k
  • Edward Rodolphe Arkwright (45yo)

    Deputy Chief Executive Officer of Development

    • Tenure: 0yrs
    • Compensation: €354.00k
  • Fernando Echegaray del Pozo (59yo)

    Chief International Officer

    • Tenure: 1.6yrs
  • Patrick Collard (66yo)

    Senior Vice Chairman

    • Tenure: 0yrs
    • Compensation: €196.00k
  • Philippe Pascal (48yo)

    Executive Director of Finance

    • Tenure: 3.6yrs
  • Gisèle Rossat-Mignod

    Director of Public Affairs and Chief of Staff to the Chairman & CEO

    • Tenure: 3.6yrs
  • Elise Hermant

    Communications Director

    • Tenure: 2yrs
  • Audrey Arnoux

    Head of Investor Relations

    • Tenure: 0yrs
  • Hervé Wattecamps (60yo)

    Human Resources Director

    • Tenure: 1.4yrs

Board Members

  • Jacques Gounon (66yo)

    Independent Director

    • Tenure: 11.4yrs
  • Patrick Gandil (63yo)

    Advisory Member

    • Tenure: 0yrs
  • Augustin Pascal Pierre Louis de Romanet de Beaune (57yo)

    Chairman & CEO

    • Tenure: 7.1yrs
    • Compensation: €456.17k
  • Jos A. Nijhuis (62yo)

    Director

    • Tenure: 10.4yrs
  • Françoise Jacqueline Debrus (59yo)

    Independent Director

    • Tenure: 5.6yrs
  • Bernard Irion (82yo)

    Non-Voting Director

    • Tenure: 10.4yrs
  • Frédéric Mougin (67yo)

    Director

    • Tenure: 10.4yrs
  • Jean-Paul Jouvent (58yo)

    Director

    • Tenure: 10.4yrs
  • Serge Gentili (63yo)

    Director

    • Tenure: 10.4yrs
  • Christine Janodet (63yo)

    Non-Voting Director

    • Tenure: 10.4yrs

Company Information

Aéroports de Paris SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Aéroports de Paris SA
  • Ticker: ADP
  • Exchange: ENXTPA
  • Founded: 1945
  • Industry: Airport Services
  • Sector: Transportation
  • Market Cap: €17.394b
  • Shares outstanding: 98.94m
  • Website: https://www.parisaeroport.fr

Number of Employees


Location

  • Aéroports de Paris SA
  • 1 rue de France
  • Tremblay-en-France
  • Ile-de-France
  • 93290
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ADPENXTPA (Euronext Paris)YesOrdinary SharesFREURJun 2006
W7LDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2006
0NP8LSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2006
AEOX.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2006
ADPPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2006
ADP NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJun 2006
ARRP.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDFeb 2018

Biography

Aéroports de Paris SA designs, construct, and operates airports. The company operates through five segments: Aviation, Retail and Services, Real Estate, International and Airport Developments, and Other Ac ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/09 20:46
End of Day Share Price2019/12/09 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.