2025-06-11-Jefferies-苏黎世机场（FHZN）_5月关键数据_8页_274kb

报告摘要

Flughafen Zurich Equity Research Summary

Passengers (PAX): +0.1% year-on-year (YoY) compared to a +3.5% increase in seat capacity and a -2.2% YoY decrease in load factors.
Commercial traffic: Down -2.1% YoY, driven by passenger declines of -2.2%.
Landside traffic: Down -4.6% YoY; contrasted with a +1.4% increase in April.
Seat capacity for June: Tracking at +3.5%, suggesting H1 traffic growth of +2.9%, aligned with current forecasts.
International routes: Mixed performance, including a -2.8% YoY decline in Florianópolis, +12.2% in Vitória/Macaé, +5.8% in Antofagasta, and +0.4% in Iquique.

Valuation: Performed on a sum of the parts basis.
Risks: Key factors include potential changes in European passenger capacity recovery (especially for Lufthansa), development of international markets like India, and regulatory changes affecting the allowable rate of return.
Ratings: Hold with a price target of CHF231.00, reflecting a flat expectation relative to the current price.

The report advises a Hold rating, indicating an expected total return of +15% to -10% over 12 months.
Analyst certifications confirm that summaries reflect personal views and no compensation links to recommendations.