Fraport: in the green, a broker raises its target


(CercleFinance.com) – Fraport gained more than 1% in Frankfurt, helped by a positive analysis from Oddo, which raised its price target from 43 to 45 euros on the stock, but nevertheless retained its ‘underperformance’ rating.

The analysis office points out that the good surprise of the results of the 2nd quarter comes from the international division, a division which should also continue to drive growth.

Antalya’s performance is also above expectations with traffic in July equal to 93% of the 2019 level, while Russian and Ukrainian tourists represented approx. 1/3 of the passengers.

Even though ‘in Frankfurt, cost savings are reduced by inflation and the need to improve service’, Oddo reports that the group is quite confident in its ability to increase fares in 2023 (expecting +4.9 %), emphasizing in particular the excellent relations with Lufthansa.

In this context, Oddo is raising its EBITDA estimates by 7.6% for 2022, mainly linked to international business.

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