7 Comments
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DELFI's avatar

Hi. Nice write up. Where did you find the financial information of BIAL ?

Stephen Frampton's avatar

I read in the Q1 2023 report that FIH is trying to by another 10% stake in the airport from Siemens at a valuation of around $2.5B. Any thoughts on that?

Fairway Research's avatar

The valuation is directly in line with the DCF in my report. So thesis remains intact.

MDJValue's avatar

Hi. Nice job on your write up. I appreciate your work. Can you please confirm how you arrived at the $793M in net debt? From FIH's annual report it looks like BIAL invested $1.9B in T2 and funded it with ~80% debt. Thanks in advance.

Fairway Research's avatar

Hi Matt, Thanks. I'll email you.

manish chopra's avatar

Hi. Nice write up. I’ve been a shareholder too for sometime now. My Ebitda nums are higher based on the aera UDF’s. If u care to share notes on that lmk. All the best.

Fairway Research's avatar

I've shared my model with you. We can discuss further.