CAAP - Corporación América Airports: Earnings Growth Requires Minimal Additional Capital Increasing Returns

2024-05-21 02:02:00 ET

Summary

• Corporación América Airports has seen a 20% increase in its stock price following our last publication.
• Passenger volumes are returning to pre-Covid levels, and earnings are growing rapidly with each dollar of incremental capital investment.
• CAAP has competitive advantages from its extensive ownership of airport assets, particularly in Argentina, and its non-aeronautical revenue sources indexed to inflation.

Investment Synopsis

Following our last publication on Corporación América Airports S.A. ( CAAP ) in January titled " Excellent Growth On Incremental Capital, " shares of the airport operator have lifted 20%. It is time for a review of the investment case.

Now following the company's FY'23 annual numbers , the investment runway has extended for CAAP in my view....

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