Financials Fraport AG Bulgaria S.E.

Equities

FRA

DE0005773303

Airport Services

End-of-day quote Bulgaria S.E. Other stock markets 03:30:00 31/05/2024 am IST			5-day change	1st Jan Change
52.52 ^EUR	+0.05%		+2.94%	-3.99%

28/05	Fraport on schedule with airport expansion	DP
27/05	FRAPORT : Target cut by -3.7%

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,001	4,560	5,468	3,515	5,059	4,906	-	-
Enterprise Value (EV) ¹	11,516	10,443	12,739	11,856	14,403	13,139	13,611	13,459
P/E ratio	16.7 x	-6.93 x	66.5 x	26.6 x	12.9 x	11 x	9.97 x	9.73 x
Yield	2.64%	-	-	-	-	-	2.31%	3.6%
Capitalization / Revenue	1.89 x	2.72 x	2.55 x	1.1 x	1.26 x	1.15 x	1.14 x	1.11 x
EV / Revenue	3.11 x	6.23 x	5.94 x	3.71 x	3.6 x	3.07 x	3.16 x	3.05 x
EV / EBITDA	9.76 x	-41.7 x	16.8 x	11.5 x	12 x	9.77 x	9.29 x	8.67 x
EV / FCF	-27 x	-7.56 x	-16.5 x	-32.4 x	-21.6 x	-24.9 x	216 x	35.5 x
FCF Yield	-3.71%	-13.2%	-6.05%	-3.09%	-4.63%	-4.02%	0.46%	2.82%
Price to Book	1.58 x	1.24 x	1.46 x	0.9 x	1.17 x	0.99 x	0.91 x	0.84 x
Nbr of stocks (in thousands)	92,391	92,391	92,391	92,391	92,391	92,391	-	-
Reference price ²	75.78	49.36	59.18	38.05	54.76	53.10	53.10	53.10
Announcement Date	13/03/20	16/03/21	15/03/22	14/03/23	19/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,706	1,677	2,143	3,194	4,000	4,282	4,304	4,410
EBITDA ¹	1,180	-250.6	757	1,030	1,204	1,345	1,465	1,553
EBIT ¹	705	-708.1	313.7	564.5	702.8	819.8	923.4	937.9
Operating Margin	19.02%	-42.22%	14.64%	17.67%	17.57%	19.15%	21.45%	21.27%
Earnings before Tax (EBT) ¹	590	-933.2	116.4	233.9	553.9	650.8	713	717.5
Net income ¹	420.7	-657.6	82.8	132.4	393.2	446.8	490.6	499.9
Net margin	11.35%	-39.21%	3.86%	4.14%	9.83%	10.43%	11.4%	11.33%
EPS ²	4.540	-7.120	0.8900	1.430	4.260	4.836	5.327	5.457
Free Cash Flow ¹	-426.9	-1,381	-770.4	-366.1	-667	-528.5	62.9	378.9
FCF margin	-11.52%	-82.36%	-35.94%	-11.46%	-16.67%	-12.34%	1.46%	8.59%
FCF Conversion (EBITDA)	-	-	-	-	-	-	4.29%	24.4%
FCF Conversion (Net income)	-	-	-	-	-	-	12.82%	75.8%
Dividend per Share ²	2.000	-	-	-	-	-	1.226	1.912
Announcement Date	13/03/20	16/03/21	15/03/22	14/03/23	19/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	2,192	910.6	766.4	810.9	698.6	1,332	539.6	808.9	1,348	1,019	826.6	1,846	765.6	1,039	1,804	1,220	976.5	2,196	890.2	1,157	1,881	1,340	1,040	2,153	797.8	1,061
EBITDA ¹	-	22.6	-	335.3	133.1	-	70.7	283.9	354.6	420.3	201.2	-	158.3	323.1	481.4	478.1	244.5	-	212.6	361	-	462.5	277.3	-	200.4	381.5
EBIT ¹	-	-210.2	-	116.1	21.5	-	-41.3	169.5	128.2	296.1	86.5	-	41.9	204	245.9	355.1	101.8	-	82.9	234.7	-	317.2	140.8	-	66.34	245.1
Operating Margin	-	-23.08%	-	14.32%	3.08%	-	-7.65%	20.95%	9.51%	29.05%	10.46%	-	5.47%	19.64%	13.63%	29.11%	10.42%	-	9.31%	20.28%	-	23.67%	13.54%	-	8.32%	23.1%
Earnings before Tax (EBT) ¹	-	-308.9	-	19.9	-36.2	-	-144.3	35.4	-108.9	286.9	55.9	-	-42.8	154.5	111.7	357.3	84.9	-	17	203.3	-	354.2	90.9	-	-30.61	187.7
Net income ¹	-	-211.3	-	20.4	-14.2	-	-108.1	59.2	-48.9	114.7	66.6	-	-21.6	102.3	80.7	235.7	76.8	-	16.3	122.1	-	183.2	92.32	-	-22.85	124.3
Net margin	-	-23.2%	-	2.52%	-2.03%	-	-20.03%	7.32%	-3.63%	11.25%	8.06%	-	-2.82%	9.85%	4.47%	19.32%	7.86%	-	1.83%	10.55%	-	13.67%	8.88%	-	-2.86%	11.72%
EPS ²	-	-	-	-	-0.1600	-	-1.170	0.6400	-	1.240	0.7200	-	-0.2300	1.110	0.8700	2.550	0.8400	-	0.1800	1.322	-	1.983	0.9993	-	-0.2469	1.344
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	13/03/20	04/08/20	16/03/21	03/08/21	15/03/22	15/03/22	10/05/22	09/08/22	09/08/22	08/11/22	14/03/23	14/03/23	04/05/23	08/08/23	08/08/23	07/11/23	19/03/24	19/03/24	14/05/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,514	5,883	7,271	8,340	9,343	8,233	8,705	8,553
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.825 x	-23.47 x	9.605 x	8.099 x	7.76 x	6.121 x	5.944 x	5.508 x
Free Cash Flow ¹	-427	-1,381	-770	-366	-667	-529	62.9	379
ROE (net income / shareholders' equity)	9.76%	-16.2%	2.25%	3.46%	9.56%	9.81%	10%	9.31%
ROA (Net income/ Total Assets)	3.49%	-4.64%	0.55%	0.78%	2.15%	2.35%	2.5%	2.64%
Assets ¹	12,038	14,168	15,165	16,924	18,249	19,029	19,632	18,931
Book Value Per Share ²	48.10	39.80	40.60	42.30	46.70	53.70	58.20	63.10
Cash Flow per Share ²	10.30	-2.550	4.220	8.510	9.340	8.240	9.940	10.60
Capex ¹	755	837	872	1,153	1,530	1,548	1,034	754
Capex / Sales	20.38%	49.93%	40.68%	36.11%	38.25%	36.16%	24.02%	17.1%
Announcement Date	13/03/20	16/03/21	15/03/22	14/03/23	19/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fraport AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

53.1 EUR

Average target price

59.53 EUR

Spread / Average Target

+12.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Airport Operators

	1st Jan change	Capi.
KØBENHAVNS LUFTHAVNE A/S	+2.37%	5.42B
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GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.	-3.65%	3.92B
GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED	+3.68%	3.31B
JAPAN AIRPORT TERMINAL CO., LTD.	-11.17%	3.27B
ATHENS INTERNATIONAL AIRPORT S.A.	-.--%	2.69B
ENAV S.P.A.	+9.90%	2.22B
SHENZHEN AIRPORT CO., LTD.	+6.84%	1.95B
BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED	+15.72%	1.55B

Airport Operators