29-Apr-2009 11:35 AM

MAp, GAP, ASUR and OMA bounce back, Ferrovial sinks on Gatwick bids - SHARE WRAP

Analysis

Mexico's Bolsa Index rose 0.1% as airport stocks rebounded yesterday after sharp falls the previous day over swine flu concerns. Airport operators OMA, GAP and ASUR rose 6.9%, 3.4% and 0.5%, respectively, while Macquarie Airports (MAP), which has a strategic stake in ASUR, rose 2.3% yesterday.

Meanwhile, shares in BAA owner, Grupo Ferrovial, slumped 6.7%, as the airport operator received at least two bids for London Gatwick Airport by its second round deadline on 27-Apr-09, from Global Infrastructure Partners (GIP) and a consortium led by Manchester Airport Group. It is unknown whether a bid from a consortium led by Citi Infrastructure Investors was made.

But Gatwick is only expected to fetch between GBP1.3-1.5 billion - below its regulated asset base (RAB) value of GBP1.6 billion. Furthermore, Credit Suisse Group stated BAA could breach debt covenants if the outbreak of swine flu causes a global decline in air travel to accelerate. BAA stated this prospect was unlikely.

Vienna Airport's shares slumped 9.2% yesterday.

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Selected airports daily share price movements (% change): 28-Apr-09

MAp, GAP, ASUR and OMA bounce back, Ferrovial sinks on Gatwick bids - SHARE WRAP

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