Fraport AG: Initiation of Coverage- Can Cost Controls Power Massive Profit Upside? 

Fraport AG has reported its full fiscal year 2024 results, highlighting both accomplishments and challenges over the period. Fraport managed to achieve its financial and operational targets despite encountering a series of external pressures. Key financial metrics were noted at all-time highs, with an EBITDA of EUR 1.3 billion and a group net result exceeding EUR 500 million, closely approaching the record levels of 2018. However, the company still struggles with a high leverage ratio, maintaining that it is stable but still elevated beyond optimal levels.