Groupe ADP shares advanced 2.04% to €114.80 in early European trading on Tuesday after Deutsche Bank upgraded the stock to 'buy' and raised its price target to €130 from €110.
The upgrade follows the French airport operator’s proposed Economic Regulation Agreement (ERA) for 2027–2034, which Deutsche Bank said removes a long-standing regulatory overhang and provides visibility over tariffs and returns. The bank estimates the new framework could unlock asset value, driving the upgrade.
Under the proposed ERA, airport charges would rise by an average of headline inflation plus 2.1 percentage points annually, with a regulated weighted average cost of capital set at 5.8%. The agreement addresses prior uncertainty that had weighed on Groupe ADP’s shares since early 2024, compounded by French tax measures, a transport infrastructure tax, and exceptional corporate income-tax surcharges in 2024–2025.
Deutsche Bank also raised its financial forecasts for the group. For 2026, revenue is now projected at €6.78 billion, up from €6.71 billion, while adjusted EBITDA is expected to reach €2.29 billion, compared with the prior estimate of €2.25 billion. The bank’s 2027 adjusted EBITDA forecast stands at €2.51 billion, rising further to €2.66 billion in 2028.
Groupe ADP also executed part of its planned divestment from GMR Airport Ltd, selling a 3.4% stake for €256 million. The company retains an option to sell an additional 3.9% stake for €285 million, providing further liquidity support.
The broader CAC 40 index was up about 0.3% in early trading, reflecting modest gains across European equities.
