Intesa Sanpaolo analyst Luca Bacoccoli reiterated a Hold rating on Aeroporto Guglielmo Marconi di Bologna S.p.A. (0R9D – Research Report) yesterday and set a price target of €9.00.
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Luca Bacoccoli has given his Hold rating due to a combination of factors impacting Aeroporto Guglielmo Marconi di Bologna S.p.A. The company reported better-than-expected financial results for FY24, driven by higher traffic and effective cost control, which improved their EBITDA margin to levels seen in 2019. Despite these positive developments, the airport’s status as a ‘co-ordinated airport’ imposes limitations on flight movements, which could affect future growth prospects.
Furthermore, although the company has increased its earnings per share and dividend forecasts due to improved traffic and lower incentives, Bacoccoli maintains a cautious stance. The stock is trading at a discount compared to the sector average, but the expected muted free cash flow generation and return on average capital employed below 10% justify the Hold recommendation. The target price was adjusted to EUR 9, reflecting the anticipated investments until the end of the concession in 2046.