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Airport valuation: an alternative driver-based approach

Vogel, Hans-Arthur and Graham, Anne (2010) Airport valuation: an alternative driver-based approach. Journal of Air Transport Studies, 1 (1). pp. 20-47. ISSN 1791-6771

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Abstract

This paper presents the first part of results of extensive research on an alternative concept to airport valuation. It reviews traditional and alternative valuation measures, illustrated by a sample of eight publicly quoted European airports. The main objective is to derive a model taking account of the underlying key value drivers. A peer group analysis shows that only few sector multiples applied by the investors’ community are significantly correlated with key performance indicators based on business fundamentals. By contrast to the results of this alternative driver-based valuation approach, these market multiples are affected by stock market fluctuations and do not adequately reflect the financial position and true value, and hence supports this paper’s view that airports should be valued by recognising key success factors.

Item Type:Article
Research Community:University of Westminster > Architecture and the Built Environment, School of
ID Code:8798
Deposited On:05 Nov 2010 10:38
Last Modified:05 Nov 2010 10:38

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