5月交通流量

EUROPE | InfrastructureADP May Traffic Paris traffic grew +3.3% YoY in May, a small beat vs. capacity growth of+2.7%, and follows +6.0% in Apr. Load factors were ~flat, down 10bps to84.5%. Seat capacity is tracking +2.9% for June, implying +4.1% traffic inQ2 (vs. cons +3.2%). North America traffic grew +4.7% (vs. +6.4% in Apr),and Asia traffic reached 92.1% of '19 levels in May (vs. 92.7% in Apr).Internationally, GMR/TAV were mixed, growing +0.8%/+3.3% YoY in Apr (vs.+8.7%/+8.1% in Mar). Graham Hunt, CFA * | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.com Glynis Johnson * | Equity Analyst44 (0) 20 7029 8677 | glynis.johnson@jefferies.com Priyal Woolf * | Equity Analyst44 (0) 20 7029 8183 | pwoolf@jefferies.com Laura Ojeil * | Equity Analyst+44 (0)20 7029 8220 | lojeil@jefferies.com Gonzalo Riera Ripoll * | Equity Associate+44 (0)20 7548 4690 | grieraripoll@jefferies.com Prateek Kumar ^ | Equity Analyst91 22 4224 6154 | prateek.kumar@jefferies.com Company Description ADP Aéroports de Paris (ADP) engages in the design, build, and management of commercial airports. The company is responsible for the Parisianinternational airports Charles de Gaulle, Orly, and Le Bourget, in addition to a number of International investments. Company Valuation/Risks ADP We value ADP on a sum of the parts basis. Risks include changes to passenger outlook due to changes in the economic environment, rising costsof capital driven by higher interest rates, and lower ceilings on returns due to regulatory restrictions. Analyst Certification: I, Graham Hunt, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Glynis Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Priyal Woolf, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Laura Ojeil, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Gonzalo Riera Ripoll, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report. I, Prateek Kumar, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. Registration of non-US analysts:Graham Hunt, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Glynis Johnson is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Priyal Woolf is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a su