Jefferies
2026-06-12
Fraport May Traffic
Report Summary
Fraport's May 2026 passenger traffic grew +2.7% YoY (rebounding from -11.0% in April), supported by favorable holiday and school vacation timing. International performance was strong ex-Turkey, with standout growth in Ljubljana (+11.2%), Bulgaria (+13.3%), and Greece (+6.0%). Jefferies maintains a Buy rating with a 95 EUR price target (+43% upside), citing attractive valuation as FCF is boosted by higher pricing and lower capex.
Key Takeaways
- Frankfurt Airport May traffic grew +2.7% YoY, a strong rebound from -11.0% in April, with consensus looking for ~64.6m PAX in 2026
- Ljubljana (+11.2%), Bulgaria (+13.3%), and Greece (+6.0%) led international growth; Antalya remained weak at -5.0%
- Lima (+1.3%) and Brazil (+5.7%) showed solid LatAm performance while Twin Star traffic trends remained mixed
- Buy rating with 95 EUR price target implying 43% upside from the 66.55 EUR closing price
- FCF is being boosted by higher pricing and lower capex, supporting the long-term positive investment thesis
Topics Covered
Airport Infrastructure
European Travel Recovery
Passenger Traffic
European Tourism
Transport Infrastructure
Free Cash Flow
Companies Mentioned
Fraport AG
Heathrow
Paris Aeroports
Zurich Airport
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