Aena – Largest Euro IPO Since 2011 – A Quick Look At Valuation

• Largest European IPO since 2011 up 21% since its launch
• Shares performed strongly despite the fact that there is no analyst report published yet
• Our valuation shows 30% further upside
• Aena in play - activist investor TCI became the largest investor will most likely push for further improvements to earn further upside

Aena, which is based in Spain, is the world's biggest airport operator. The company runs 46 airports and two heliports in Spain and another 15 in Latin America, the United States, and Europe, including London's Luton. It handled nearly 196 million passengers last year, a 4.5% increase over 2013, making it the world's biggest airport operator by passenger numbers, ahead of Germany's Fraport and France's ADP.

The company reported revenues of €2,876 million...