Corporación América Airports: Earnings Growth Requires Minimal Additional Capital, Increasing Returns
- CAAP shares rose 20% following FY'23 results and there's room for growth. - Strong financial performance with FY'23 revenues at $1.25Bn and operating income at $540.6mm. - Competitive advantages include high passenger volumes and attractive exposure to growth in Argentina. - Increasing returns on capital and the potential for continued growth in passenger traffic. - CAAP valued at 7.7x forward EBIT with potential upside to $4.7Bn in market value. Price Impact Rating: Bullish Impact Horizon Rating: Long-term Type: Research Analysis
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