olivLaw · European equity research
Aéroports de Paris ADP.PA
France · Euronext Paris · ISIN FR0010340141 · Vertical: Listed companies from France
Aéroports de Paris operates Paris-Charles de Gaulle and Paris-Orly, along with other platforms abroad, and plays a central role in France's air connectivity. For fiscal 2024 the group reported chiffre d'affaires of 6158 million EUR, while its net debt to EBITDA ratio of 4.15 keeps financing of investment at the centre of the discussion.
At the close of 05 Nov 2026, Aéroports de Paris (ADP.PA) stock was 117.80 EUR (+0.34% on the day), with market capitalisation 11.7 bn EUR, P/E 34.1 on diluted EPS of 3.45 EUR over the last 12 months, dividend yield 3.24%, beta 0.70, 52-week range 100.80–131.80 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 66.9
- strong (55–70)
- Bollinger (20, 2)
- 101.85 – 118.14
- in the upper half of the band · %B 0.98 · band width 14.8%
- SMA 50 / 200
- 108.89 / 110.23
- mixed trend
- MACD (12, 26, 9)
- 2.21 / 1.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.5% | +0.4% | +7.1 pp | — |
| 3 months | +0.9% | −3.3% | +4.2 pp | — |
| 6 months | +9.0% | +4.0% | +5.0 pp | — |
| Year to date | +5.7% | +8.1% | −2.4 pp | — |
| 1 year | −4.0% | +10.7% | −14.7 pp | −10.8% |
| 3 years | +6.6% | +50.1% | −43.5 pp | −15.9% |
| 5 years | −5.2% | +43.6% | −48.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 18.3, median 24.0, max 32.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2.8 bn | 4.7 bn | 5.5 bn | 6.2 bn |
| Revenue YoY | unavailable | +68.8% | +17.2% | +12.1% |
| Net income | -248.0 m | 516.0 m | 631.0 m | 342.0 m |
| Net income YoY | unavailable | unavailable | +22.3% | −45.8% |
| Diluted EPS | -2.50 | 5.22 | 6.39 | 3.45 |
| Diluted EPS YoY | unavailable | unavailable | +22.4% | −46.0% |
| net % | -8.9% | 11.0% | 11.5% | 5.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 2.0 bn EUR
- Financial debt
- 10.7 bn EUR
- Net debt
- 8.7 bn EUR
- Equity
- 5.5 bn EUR
- Total assets
- 20.2 bn EUR
- Debt / equity
- 1.94x
- Current ratio
- unavailable
- ROE
- 6.3%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.8 bn | 4.7 bn | 5.5 bn | 6.2 bn | esef· 15 Apr 2025verified |
| Operating income | -20.0 m | 988.0 m | 1.2 bn | 994.0 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 719.0 m | 782.0 m | — | — | esef· 18 Apr 2023verified |
| EBITDA | 699.0 m ≈ | 1.8 bn ≈ | — | — | esef· 18 Apr 2023derived |
| Interest expense | 611.0 m | 841.0 m | 1.1 bn | 595.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | -238.0 m | 764.0 m | 1.0 bn | 842.0 m | esef· 15 Apr 2025verified |
| Income tax | 9.0 m | 172.0 m | 232.0 m | 326.0 m | esef· 15 Apr 2025verified |
| Net income | -248.0 m | 516.0 m | 631.0 m | 342.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | -2.50 | 5.22 | 6.39 | 3.45 | esef· 15 Apr 2025verified |
| Dividend per share | — | — | 3.13 | 3.82 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 2.4 bn | 2.6 bn | 2.3 bn | 2.0 bn | esef· 15 Apr 2025verified |
| Inventories | 84.0 m | 133.0 m | 115.0 m | 137.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 8.2 bn | 8.3 bn | — | — | esef· 18 Apr 2023verified |
| Total assets | 18.4 bn | 18.8 bn | 19.7 bn | 20.2 bn | esef· 15 Apr 2025verified |
| Short-term debt | 1.2 bn | 1.2 bn | 1.9 bn | 1.8 bn | esef· 15 Apr 2025verified |
| Long-term debt | 9.1 bn | 8.8 bn | 8.5 bn | 8.9 bn | esef· 15 Apr 2025verified |
| Current liabilities | — | — | 4.2 bn | 4.0 bn | esef· 15 Apr 2025verified |
| Equity | 4.2 bn | 4.9 bn | 5.3 bn | 5.5 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 99.2 m | 98.9 m | 98.7 m | 99.1 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 757.0 m | 1.6 bn | 1.6 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Investing cash flow | -1.1 bn | -701.0 m | -1.1 bn | -1.5 bn | esef· 15 Apr 2025verified |
| Financing cash flow | -782.0 m | -605.0 m | -721.0 m | -458.0 m | esef· 15 Apr 2025verified |
| Dividends paid | — | — | 309.0 m | 377.0 m | esef· 15 Apr 2025verified |
| Share repurchases | -1.0 m | 34.0 m | — | — | esef· 18 Apr 2023verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 11.7 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 38.27 – 98.95 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E38.27 – 98.95 (Mid 59.10)20 companies used · median multiple 17.1x · quartiles 11.1x – 28.7x74SW.PA, ABEO.PA, AC.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)51.95 – 70.84 (Mid 59.94)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 33 (vs peers) | 22% |
| Net margin · Quality | 5.6% | 77 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 30.4% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.7x | 3 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 34.1x | 17 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.2% | 46 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial3/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial46/100 · 1/2 factors with a value
- Valuation· partial17/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AEROPORTS DE PARIS (ADP.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 6.2 bn EUR in 2024; YoY growth 12.1%; net margin 5.6%; ROE 7.8%.
The estimated value range is 45.11–84.90 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 59.52 EUR, the price of 117.80 EUR leaves a potential of -49.5% (value / price − 1) and a margin of safety of -97.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.6%
- Revenue CAGR 3Y: 30.4%
What contradicts it
- Interest coverage: 1.7x
- P/E (TTM): 34.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ADP.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 76.98 Total return -32% · Per year -32% | 135.47 Total return 18% · Per year 18% | 203.20 Total return 77% · Per year 77% |
| 3 years | 91.31 Total return -14% · Per year -5% | 179.16 Total return 64% · Per year 18% | 292.62 Total return 163% · Per year 38% |
| 5 years | 108.31 Total return 7% · Per year 1% | 236.94 Total return 124% · Per year 17% | 421.37 Total return 288% · Per year 31% |
- Exit P/E± 44.79
- Net margin± 31.35
- Annual revenue growth± 23.38
- Annual dilution± 2.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Aéroports de Paris operates Paris-Charles de Gaulle and Paris-Orly, along with other platforms abroad, and plays a central role in France's air connectivity. For fiscal 2024 the group reported chiffre d'affaires of 6158 million EUR, while its net debt to EBITDA ratio of 4.15 keeps financing of investment at the centre of the discussion.
SWOT
Strengths
- The group holds a dominant position in the Paris region, with a diversified network including a significant intercontinental component 1.
- Diversification into retail, real estate and digital services reduces dependence on regulated aeronautical revenue 1.
- The published dividend policy and financial objectives give a clear framework for investors and capital decisions 1.
Weaknesses
- A high level of debt, expressed through the net debt to EBITDA ratio, leaves little room for unexpected shocks 1.
- Aeronautical revenue is capped by the tariff regulator, which limits room to manoeuvre when changing charges 1.
- Service quality and recruitment difficulties have been identified as risks during the traffic recovery 1.
Opportunities
- Development of the Extime model, both in Paris and abroad, could increase revenue per passenger 1.
- Growth of multimodal rail-air connections could bring additional passengers to the two Paris platforms 1.
- The new economic regulation contract could offer more stability and a framework for long-term investment 1.
Risks
- Economic trajectory of traffichigh
Uncertainty about the growth of air traffic and its return to the 2019 level may affect the group's activities, especially if long-term growth remains moderate 1.
- Tariff regulationhigh
The complexity of the regulatory framework and the cost accounting required by the regulator may change the profitability of the regulated and non-regulated perimeters 1.
- Service qualitymedium
Saturation of some areas and recruitment difficulties could affect the attractiveness of the airports and the passenger experience 1.
- Security and cyberhigh
Rising cyberattacks and security threats may expose the group's IT systems and infrastructure 1.
- Liquidity and debtmedium
Insufficient cash could make it difficult to meet financial commitments, given the high net debt to EBITDA ratio 1.
Investment thesis
What would need to be true (bull case)
- If traffic continues to return toward pre-crisis levels, revenue from aeronautics and commercial activities could grow in parallel, supporting cash generation 1.
- Diversification into retail, advertising, real estate and digital services offers additional revenue sources beyond regulated charges 1.
- A new economic regulation contract could bring more predictability for investment and financial planning 1.
What would break the thesis
- If the traffic recovery slows, revenue and EBITDA could decline, and the high level of debt could become a burden 1.
- Regulation of domestic flights and new taxes, such as the one on large transport infrastructure, could reduce profit margins 1.
- Competition from Gulf and Istanbul hubs and from the rail network could limit growth of transit traffic and of short-haul routes 1.
What to watch
- Evolution of passenger traffic in Paris against the 2019 level and the growth pace of CA/Pax Extime2025
- ART decision on airport charge tariffs and application of cost allocation principles31 December 2025
- Negotiation and implementation of the new Contrat de Régulation Économique2027
- Evolution of the net debt to current EBITDA ratio against the 3.5x-4.0x target2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Aéroports de Paris group, also known as Groupe ADP, manages under an exclusive right the airports of Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget, as well as eleven general aviation civil aerodromes in the Île-de-France region 1. Its activity combines aeronautics, commerce and services in airport areas, real estate and the subsidiary Hub One, which operates in telecoms, mobility and cybersecurity 1. The group also manages international concessions, including Airport International Group in Amman, whose passenger traffic reached 8.8 million in 2024 1.
A distinctive feature of the model is revenue diversification: beyond regulated airport charges, the group earns from retail, advertising, parking and services in the restricted zone, under the Extime brand launched in 2022 1. Revenue from these activities is tracked through the CA/Pax Extime indicator, and 2025 objectives were updated in February 2024 1.
The group's dividend policy provides for a distribution of 60 % of net income attributable to the group, and its 2025 financial objectives include investment of up to 1.4 billion EUR at group level 1. These commitments link the capital structure to the pace of traffic growth and to decisions of the tariff regulator 1.
Segments
Aeronautics and airport charges
The aeronautical activity covers charges for public airport services, set by the operator and approved annually by the Autorité de régulation des transports (ART) 1. The profitability of this activity is capped, because total airport charge revenue cannot exceed the cost of services provided, including remuneration of invested capital 1.
Market context
The Paris airport market is contested by other airports in the same catchment area, notably Paris-Beauvais, the Paris base of Ryanair in the region, and on long-haul routes by Gulf and Istanbul hubs, which are gaining ground on Europe-Asia routes 1. Short-haul traffic is also affected by the high-speed rail network, which offers alternatives to domestic flights 1.
In cargo, Paris airports compete with Frankfurt and other night bases such as Liège, Cologne and Leipzig, while express courier activity is dominated by a small number of global operators 1. Competition in commercial areas comes from city-centre shops, online sales and arrival airports 1.
Trends
- New economic regulation contractmixed
Preparation of a new Contrat de Régulation Économique, with implementation envisaged for early 2027, could bring more visibility, but also stricter performance requirements 1.
- Tax on large transport infrastructureheadwind
The entry into force, from 2024, of a new tax applicable to large transport infrastructure in France affects the group's financial trajectory 1.
- Regulation of domestic flights and emissionsheadwind
The removal of domestic flights in France where a rail alternative under 2h30 exists affects the Paris-Orly routes to Nantes, Bordeaux and Lyon and could reduce traffic on these routes 1.
Competitive position
Competition works on several levels: on long-haul routes, European and Gulf hub airports as well as Istanbul offer connection alternatives, and for transit traffic Paris competes with all these hubs 1. On short segments, high-speed trains and Paris-Beauvais are the main rivals 1.
In international activities, the group competes with other airport operators and investment funds for concessions, and in some countries with Asian hubs for transit traffic 1. The group's advantage lies in the diversity of its network, especially in intercontinental development 1.
- Paris-Beauvais
Airport in the same catchment area, the Paris base of a major European low-cost carrier; competes on medium-haul routes 1.
- Frankfurt Airport
Competitor in cargo, with an annual tonnage close to that of the group 1.
- Gulf and Istanbul hubs
Compete for transit traffic, especially on Europe-Asia routes 1.
- High-speed rail network
Alternative to short and domestic flights, affecting traffic on routes to Orly 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202218 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Aéroports de Paris · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.