Athens Airport is significantly overearning. If you split the regulated and unregulated business, value the regulated one as a multiple of the asset base and the unregulated one with an earnings multiple, it looks fairly valued
Terrific work Dede, one of the best writeups I've seen on Substack. Curious to know your thoughts on Fraport (ETR: FRA) and their future? Also wanted to highlight Bangalore International Airport (BIAL). While private, half of it is owned by Fairfax India (which in turn is owned by the very capable Prem Watsa) - rumoured IPO.
Athens Airport is significantly overearning. If you split the regulated and unregulated business, value the regulated one as a multiple of the asset base and the unregulated one with an earnings multiple, it looks fairly valued
Terrific work Dede, one of the best writeups I've seen on Substack. Curious to know your thoughts on Fraport (ETR: FRA) and their future? Also wanted to highlight Bangalore International Airport (BIAL). While private, half of it is owned by Fairfax India (which in turn is owned by the very capable Prem Watsa) - rumoured IPO.