reasons for surge in price:1) MAP assets are undervalued eg...

reasons for surge in price:

1) MAP assets are undervalued eg trade at a multiple of 13-14 times EBITDA whereas London' city airport was sold at 27.5 xEBITDA
2)div is only about 12 cents
3) sale of Birmingham will give rise to a special div
4) if purchase Birmingham, it can gain control and add value to this asset which has underperformed as MAP is a minority shareholder
5) refinancing of sydney airport and its future redevelopment plans are very promising
6)future buyback or special div in the 1st half of 2007
7) possible value released from Rome airport as the other holders are negotiating to consolidate
8) high div yield -very attractive to some investors