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Investors in European airports to wait a decade for valuation multiples to reach pre-crisis levels

3-Aug-2012

Although airport deal activity is increasing in Europe, with a number of airports potentially being put up for sale, the slowing pace of growth in passenger numbers in a difficult economic climate means that the high transaction multiples seen before the financial crisis are unlikely to be achieved again for around a decade, according to a report from PricewaterhouseCoopers (PwC). [3040 words]

Unlock the following content in this report:

Subheadings:

  • Unique asset class
  • Sharing in the woes of a highly cyclical industry
  • Long-term investment horizon
  • Investors paid for growth that never materialised
  • Reversion to high growth trend line will take a decade

Graphs and data:

  • Selected historical airport transactions: 2002 to 2007
  • Listed European airport share price performance: Jan-2006 to Dec-2011
  • UK airport traffic and GDP growth: 1976 to 2012
  • UK airport traffic and European transactions: 1996 to 2016
  • Key factors impacting airport value and transaction multiples
  • UK airport traffic – reversion to trend: 1996 to 2024
  • Key messages from the Study
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