Company: Corporacion America Airports S.A.
Symbol: CAAP
Description: They acquire, develop and operate airport concessions.
Shares: 28.6 million
Price Range: $19.00-$23.00
Trade Date: 2/1
Underwriter(s): Oppenheimer & Co., BofA Merrill Lynch, Citigroup, Goldman Sachs & Co.
Co-Manager: Santander
Terms Added: 1-16-18
Business: They are the largest private sector airport concession operator in the world based on the number of airports under management and the tenth largest private sector airport operator in the world based on passenger traffic. Currently, they operate 52 airports globally in Latin America, Europe and Eurasia. Since 1998, when they acquired the AA2000 Concession Agreement, they have expanded the environments and geographies in which they operate airports by acquiring concessions in Armenia, Uruguay, Ecuador, Peru, Brazil, Italy and additional concessions in Argentina.
Financials: Their revenues were $1.19 billion and $1.37 billion and their net income was $115.3 million and $29.2 million in 2015 and 2016, respectively. Net income in 2015 was boosted by a $109.0 million gain from discontinued operations, compared to a $9.5 loss in 2016. The reduction in net income in 2016 also reflects a $73.2 million increase in “financial loss” – consisting primarily of interest expense, net foreign exchange loss, adjustments with respect to their Brazilian operations and other expenses. In the first three quarters of 2017, their revenues increased 18.0% to $1.16 billion and net income increased 76.2% to $72.6 million.
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