(CercleFinance.com) – HSBC reiterated its ‘lighten’ advice on ADP shares on Friday, emphasizing the ‘demanding’ valuation of the airport operator despite the uncertainties surrounding the matter.
While the group has set itself the objective of moderate growth in its traffic over the long term, the broker considers that its prospects for 2026 are uncertain from a regulatory perspective.
From his point of view, it is currently simply impossible to estimate what the level of operational expenses of regulated activities will be for 2026, nor its implications on the profitability of the company.
Despite everything, argues the broker, the stock is traded today on the basis of a premium of 12% in terms of Enterprise Value/Ebitda 2024 compared to its European comparables and of more than 40% at the level of PER.
If it raises its price target from 104 to 110 euros, HSBC points out that the latter reveals a downside potential of around 12% compared to current price levels.
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