Our 12-month TP of EUR113 is set using a combination of DCF and RAB for the regulated aviation division and DCF for the other unregulated Paris assets and international assets. We use a WACC of 6.4%.

We highlight the following risks which could cause shares to outperform or underperform our target price:

(i) GDP improvement or weakness;

(ii) Traffic performance better than or worse than our estimates;

(iii) Regulatory review better than or worse than our estimates.