Sep 5, 2013

Italian Airport Services Stocks: a bargain?

Look @ these graphs with ‘Airport Services’ stocks.
I’ll take SAT, ‘Societa Aeroporto Toscano S.p.A. manages the Galileo Galilei Airport in Pisa’, as an example + I’ve added some peers.

The Italians seems cheap.

Debt to equity: historically low (<50%) vs average 70% for peers. Seems safe.

Free cash flow yield: historically positive. Seems healthy.

… even if reducing for Pisa:

… but enough to pay a nice dvd …

… even if it seems free cash flow now is covering less of this dvd …
(but, you know, someone has to pay for the money Monte Paschi now is not able to give …

And, to sum it up,
Ev to sales: peers has an average of 4! Venezia is 2.5, Firenze is 2.3, Pisa (a better solution in my opinion thanks to Ryanair and Easyjet) is 1.8!

Thanks to the Euro problem the market is leaving this stock very undervalued.
Maybe. But the fact that shareholders are not mutual funds or etfs and that it has an average 5.000 € of daily transactions it could be really a nice story to play the beautiful part of our dear Italian country …

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