(News Bulletin 247) – APRR published traffic up 4.2% in the 2nd quarter of 2023, marking an acceleration compared to the +1.8% achieved in the 1st quarter of 2023.
‘Over the 1st half, traffic is up 3.0%, lower than the performance observed at Sanef (+3.8% in H1, of which +3.4% in Q1)’ emphasizes Oddo BHF.
Following the announcement of these figures, Oddo BHF confirms its advice to Surperformance and its target of €124.
“Light vehicles are driving growth over the quarter, with an increase of +4.9% in Q2 (after 1.9% in Q1). On the other hand, growth is more timid for heavy goods vehicles with an increase of only +0.5% after +1.5% in Q1 2023,’ indicates the analysis office.
Oddo BHF expects for the Eiffage group a turnover up 10% to 10,409 ME with an EBIT up 10% to 1,050 ME and a net profit of +15% in the 1st half of 2023 compared to the 1st half of 2022.
‘ The group should confirm its annual guidance of ‘a further increase in its operating profit in Works and Concessions’ and an increase in net income, in particular thanks to the integration of Getlink by equity method from Q2 2023. We have marginally adjusted our 2023 estimates to include a good H1/Q2. Our Operating Income stands at 2,372 ME in line with the consensus of 2,356 ME’ adds Oddo BHF.
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