I was wondering if you ever took a look at Fairfax India with the majority being Bangalore International Airport. There is a nice VIC write up on this.
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.
Hi, super glad you've enjoyed the writeups. I haven't spent as much time with Fraport as the others but it looks relatively undervalued. I like the international portfolio (especially Greece and Turkey with Antalya II coming online in 2027) but I'm not so sure of the growth potential domestically with Frankfurt airport. The big issue for me with Fraport is the debt at 12.3 billion euros. It's just not something I'm comfortable with. Also yes, a few subscribers here have flagged Fairfax India to me and I'm still working through my research of the whole group. Bangalore airport will certainly be interesting, India has very strong travel tailwinds.
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
I was wondering if you ever took a look at Fairfax India with the majority being Bangalore International Airport. There is a nice VIC write up on this.
I haven't read the VIC write up yet - do you mind sharing the link?
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.
Hi, super glad you've enjoyed the writeups. I haven't spent as much time with Fraport as the others but it looks relatively undervalued. I like the international portfolio (especially Greece and Turkey with Antalya II coming online in 2027) but I'm not so sure of the growth potential domestically with Frankfurt airport. The big issue for me with Fraport is the debt at 12.3 billion euros. It's just not something I'm comfortable with. Also yes, a few subscribers here have flagged Fairfax India to me and I'm still working through my research of the whole group. Bangalore airport will certainly be interesting, India has very strong travel tailwinds.
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