CAAP - Corporacion America Airports: Tremendous Upside As Travel Restarts

• Corporacion America Airports (CAAP) is one of the world's largest private airport operators.
• The company's combination of leverage and unfortunate geography led investors to conclude that Covid would wipe it out.
• However, the liquidity situation is better than people realize - it appears to have a runway to make it past its near-term debt maturities.
• Argentine airports should resume operations shortly.
• CAAP stock is absurdly priced at 3x 2019 EV/EBITDA. Back to 6x takes the stock up 400%. The Mexican airports (even now) are around 8x, by comparison and usually trade for closer to 12x.

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