全球机场：估值概览

Equity ResearchJune 2, 2025Graham Hunt, CFA * | Equity Analyst44 (0)20 7548 4251 | ghunt@jefferies.comGonzalo Riera Ripoll * | Equity Associate+44 (0)20 7548 4690 | grieraripoll@jefferies.comAlejandro Anibal Demichelis ^ | Equity Analyst+34 919498377 | ademichelis@jefferies.comPrateek Kumar ‡ | Equity Analyst91 22 4224 6154 | prateek.kumar@jefferies.comAmit Kanwatia, CFA § | Equity Analyst61 2 9364 2937 | akanwatia@jefferies.comAnthony Moulder § | Equity Analyst61 2 9364 2936 | amoulder@jefferies.comJefferies Global Airports TeamGatwick Airport handles 43m PAX annually(2024) and was acquired by Vinci in 2018...Graham Hunt, CFAGonzalo Riera RipollAmit Kanwatia, CFAAnthony MoulderPrateek KumarAlejandro DemichelisExhibit 2 - Global Airports - Price PerformanceYTDLTM30.4%22.8%43.2%21.7%15.6%30.5%15.9%(5.8%)10.4%12.3%31.6%38.0%14.2%20.3%38.3%15.0%24.7%(4.1%)(7.5%)(5.9%)7.1%(3.0%)(28.3%)(25.7%)(42.0%)(42.7%) .Global Airports CoverageEuropeAustralasiaIndiaLatAmSource: Jefferies.Performance (USD)MoMGAP13.0%OMA11.7%Fl. Zurich10.0%ADP7.4%CAAP7.2%Aena6.9%Fraport4.8%Vinci2.5%ASUR1.1%Auckland Intl.0.5%GMR Airports(4.8%)TAV(6.5%)Airports of Thailand(11.5%)Source: Factset Exhibit 1 - Airport Results Calendar.CompanyGrupo Aeroportuario del SuresteTAV HavalimanlariNCAeroports de ParisGrupo Aeroportuario del PacíficoGrupo Aeroportuario Centro NorteAenaAirports of ThailandNCFraportFlughafen WienNCGMR AirportsCorporacion America AirportsAuckland InternationalFlughafen ZurichSource: Jefferies Research, Factset (*FactSet estimated), NC (Not Covered)Please see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 3 - Global Airport Valuation.PRICED5/31/2025EuropeAenaAeroport de ParisFlughafen ZurichFraportFl. Wien*VinciAsiaAuckland Intl.Airports of Thailand*GMR AirportsTAV Havalimanlari*LatAmCAAPASUROMABGAPSource: *Not covered. Estimates based on Jefferies estimates, otherwise on Factset where not covered. Priced as of 31/05/2025Please see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 4 - European Airports (YTD Performance).Jan-24Jan-24Feb-24Mar-24Mar-24Apr-24Apr-24AenaSource: Factset (Indexed prices in USD)Exhibit 5 - LatAm Airports (YTD Performance).Jan-24Jan-24Feb-24Mar-24Mar-24Apr-24Apr-24CAAPSource: Factset (Indexed prices in USD)Exhibit 6 - Asia Airports (YTD Performance).Jan-24Jan-24Feb-24Mar-24Mar-24Apr-24Apr-24Auckland Intl.Source: Factset (Indexed prices in USD)Please see important disclosure information on pages 5 - 10 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Graham Hunt, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Gonzalo Riera Ripoll, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Alejandro Anibal Demichelis, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specificrecommendations or views expressed in this research report.I, Prateek Kumar, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Amit Kanwatia, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Anthony Moulder, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify tha