French airport group ADP beats estimates as traffic nears pre-pandemic levels

French airport group ADP reported better-than-expected 9-month revenue due to a return in traffic, but does not expect a full recovery in Chinese traffic until 2024. J.P. Morgan analysts believe ADP is well-positioned to benefit from the return of Chinese travelers in 2024. Chinese traffic at Paris airports reached 37.3% of 2019 levels in Q3. ADP expects group traffic to reach 95 to 105% of 2019 levels for the full year. The company also faces challenges such as strike-induced flight cancellations and a transport sector tax in 2024.