Goldman Sachs provides a sector update on European airports, focusing on traffic recovery, regulatory cycles, and investment capex requirements. They highlight that while core assets remain attractive, diverging cycles necessitate a selective approach.
Key Takeaways
- 1.The sector framework is driven by three major cycles: Traffic, regulatory, and investment.
- 2.AENA is facing a challenging multi-year cycle of rising capex and tightening regulatory pricing.
- 3.FHZ (Zurich Airport) is upgraded to Buy following regulatory clarity and stable investment levels.
Table of Contents
- Traffic outlook & reopening screens
- Capex cycles
- Regulatory cycles
- Detailed stock views
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Authors
Patrick CreusetDan-Arthur CoseruNathan Arnaud
Securities
ADPAENAFHZFRA
Themes
Capital expenditure cyclesGeopolitical reopening exposureRegulatory resets
Regions
EuropeAsia PacificSpainFranceGermany