ADP ADP.PA
ADP (Aéroports de Paris) operates the Paris airports (Charles de Gaulle, Orly and Le Bourget) and has stakes in other international airports, generating revenue from airport fees, commercial services and real estate activities. ADP maintains a resilient business with an operating margin of 15.77% and earnings growth of 222%, but its high debt (ND/EBITDA 4.24) and negative cash conversion (-38.88%) weigh on its financial health and quality. Valuation is reasonable (P/E 18.39) and the dividend is well covered (payout 49.75%).
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
ADP (Aéroports de Paris) operates the Paris airports (Charles de Gaulle, Orly and Le Bourget) and has stakes in other international airports, generating revenue from airport fees, commercial services and real estate activities. ADP maintains a resilient business with an operating margin of 15.77% and earnings growth of 222%, but its high debt (ND/EBITDA 4.24) and negative cash conversion (-38.88%) weigh on its financial health and quality. Valuation is reasonable (P/E 18.39) and the dividend is well covered (payout 49.75%).
Score by category
| Category | Score |
|---|---|
| Financial health | 4.2 |
| Quality / Moat | 4.4 |
| Valuation | 5.5 |
| Growth | 7.1 |
| Dividend | 7.3 |
| Momentum | 3.9 |
| Risk & Context | 5.7 |
OVERALL SCORE: 5.3/10
Context and risks
Direct exposure to geopolitical disruption in the Middle East: the closure of the Strait of Hormuz and regional tensions reduce long-haul air traffic at its Paris hub, as already reflected in the passenger decline. The risk of further escalation is real, but a reopening would reverse the impact quickly.
News considered in the analysis
- Groupe ADP August traffic edges up as Paris passenger numbers decline — El tráfico de París cae mientras el grupo crece ligeramente; refleja la debilidad del hub principal, aunque el dato ya está parcialmente en el precio.
- Is Aeroports de Paris (ENXTPA:ADP) Reasonably Priced on Cash Flow? — Artículo de análisis genérico sin información nueva.
- Aeroports de Paris SA (AEOXF) (H1 2026) Earnings Call Highlights: Resilient EBITDA and ... — EBITDA resiliente en el primer semestre pese al contexto; refuerza la solidez operativa, aunque el mercado ya lo conocía.
- Who would benefit most from a geopolitical reopening? — ADP es un claro candidato a beneficiarse de una reapertura de Ormuz y del fin de las disrupciones en rutas aéreas; el mercado aún no lo descuenta.
- Aéroports de Paris traffic falls in April as Middle East disruption weighs — La caída de tráfico por la disrupción en Oriente Medio ya está ampliamente descontada en el precio y en las cifras de tráfico posteriores.
Verdict: Hold; geopolitical risk in the Middle East is the main drag on traffic, but a reopening could reverse the situation quickly.
Main risk: Dependence on long-haul air traffic in Paris, directly affected by geopolitical disruption in the Middle East and the closure of the Strait of Hormuz, which reduces passengers and pressures airport revenues.
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