United States

Analyst Research Report Snapshot


Aerodrom Ljubljana 9M13




Alta Invest


02 Dec 2013





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Revenues up 0.8% while 9M13 profit up 5.7%. 3Q13 in line with expectations. Passenger traffic is up 9.5% YoY in 9M13 while cargo traffic is up 6.7% YoY. This is encouraging especially since margins also improved YoY with EBITDA margin at 40.1% in 9M13 and 47.8% in 3Q13. Net income is also up despite some one-off write-offs in 2Q13 and especially since 3Q13 profit increased 7.9% YoY. We have raised our end 2013 estimates and 2014 growth guidance which has increased our target price to EUR 30 per share. Nevertheless market price narrowed the gap and our recommendation is downgraded to hold.

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