Blue I think the debt is something like 15billion with assets stated at 24bil (as per minch's post see thread)
Dont think debt costs rising would be worrying MAP too much given the majority of their debt would be hedged. Also the security behind the debt is quite different from that of CNP.
Airport growth to slow because of rising oil costs??? What? Carriers like Emirates and Etihad are expanding routes and numbers of flights daily. Other air lines are having to put up fares & surcharges to cover costs. This may have marginal effect on MAP (cutting spending because of a recession would probably have more effect) however MAP has been and is great at running airports efficiently.
Why will they immediately have more money going out than coming in?
Blue, can you shed some light on the number that your ‘broker’ has given you? Negative NTA of $2.23, Minch did some quick calcs in the other thread that put the NTA at approx -$0.60 cents per unit (bearing in mind this was approx).
MAP state that they have NAB of $5+ per share (Minch kindly goes through a possible explanation of NTA and NAB in the annual general meeting thread).
Blue I think your thread is a bit of a beat up. MAP the next CNP? I dont think so.
I think MAP will continue to acquire airports (I think they have about 1billion in cash left from the sale). If BA is forced to sell some of its London airports I would say that MAP would be high on the list. There penchant for containing costs and increasing revenue would be just what some of the London airports need.
All of this is just my opinion etc. I would love to hear what other people think.
MAP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
