ADP: Credit Suisse still steering clear
(CercleFinance.com) - After ADP's 2020 results, Credit Suisse still believes that the consensus for traffic expectations in 2021 is excessive.
"Management has reduced its guidance for Paris traffic to 35%-45% of 2019 levels. In our 28 January report, we cut our forecast to 34% of 2019 levels (37.2m pax.), so we make no further change," the analyst says.
"We cut our 2021E PBT from - E-814m to E-920m - due to a c.E46m increase in net finance expenses and a c.E78m increase in the loss from associates, following FY20 results," Credit Suisse adds. "Our 2021E EBITDA of E218m remains below Visible Alpha consensus of E515m".
Credit Suisse confirms its Underperform rating on the share, with a target price of 88 euros.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Management has reduced its guidance for Paris traffic to 35%-45% of 2019 levels. In our 28 January report, we cut our forecast to 34% of 2019 levels (37.2m pax.), so we make no further change," the analyst says.
"We cut our 2021E PBT from - E-814m to E-920m - due to a c.E46m increase in net finance expenses and a c.E78m increase in the loss from associates, following FY20 results," Credit Suisse adds. "Our 2021E EBITDA of E218m remains below Visible Alpha consensus of E515m".
Credit Suisse confirms its Underperform rating on the share, with a target price of 88 euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.