quarta-feira, 27 de maio de 2009
The value of an airport
The evaluation of an airport company is usualy obtained by the product of its EBITDA by a coefficient and, in normal circunstances, the value of this coefficient is situated between 10 and 20.
To identify the espected value of the EBITDA of an airport as a function of its traffic, an extensive list of 2007' annual reports were analysed, picking up the respective values of traffic and EBITDA.
These colected values are represented in the graph above, as well as the regression line obtained with those 51 pairs (Traffic,EBITDA). The coefficient of regression is quite high (r2=0,860), showing the adjustment of the line to the observations.
Using this regression line to evaluate the EBITDA of Porto's airport, the value obtained is 17,4 M€, which means that its value should be within the interval from 175 to 350 M€, depending on the coeficient used for the evaluation (from 10 to 20).