【出版时间及名称】：2010年1月欧洲公路与机场行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：52
        【目录或简介】：
Traffic Signal is a comprehensive
report monitoring the traffic on
European toll roads and airports…
􀀗 …and an opportunity for us to
underline the usual resilience of the
sector, in particular toll roads
􀀗 Our key picks are Atlantia
(Overweight (V), target price EUR25),
Eurotunnel (Overweight (V), TP
EUR9.0) and Vinci (Overweight (V),
TP EUR50))
Investment in both airports and toll roads is driven by
the top line because their costs are largely fixed. In our
first traffic-monitoring report, we attempt to provide a
comprehensive overview of traffic for the main toll
roads and airports companies in Western Europe. We
use the data to underline the following points:
􀀗 Rising oil prices and economic deterioration made
2008 a difficult year for passenger road traffic, but it
recovered more than generally expected in 2009. In
France, Vinci’s motorway traffic rose 1% like-for-like
at the end of September. In Italy, Atlantia’s traffic fell
just 0.7% for the 9M 2009.
􀀗 Air traffic started to deteriorate during the summer of
2008. Like toll roads, airports began to benefit from
the basis for comparison in Q3 2009. But unlike toll