Global Airports: Valuation Flyby

Research evidence excerpt

Global Airports: Valuation Flyby

EUROPE | Infrastructure EquityJulyResearch2, 2026

Jefferies Global Airports TeamGlobal Airports: Valuation Flyby

Frankfurt Airport handles ~63m PAX (2025) and

is operated by Fraport...

Jefferies research covers 11 airport stocks across Europe, Latin America,

and Asia. In this report, we include key research from the local analysts

published over the past month, a comprehensive set of valuation

comparables, and a calendar of recent events and reporting to look out for.

Jefferies Global Airports Research Highlights:

FHZN | First View - A Deep Dive Into Brazil (Jun 29th) FHZN hosted a deep dive on its Brazil

portfolio, with mgmt. outlining an ambition for Intl. to reach ~30% of group EBITDA by 2040

(vs. ~9% in '25), and at that point, for the division to be financially self-sufficient. With the 4

airports FHZN consolidates in Brazil delivering ~CHF 70m of EBITDA and with major mandatory

capex complete, mgmt. expect FCF over their remaining lives to support selective greenfield and

brownfield investment, supporting overall growth in the group.

Global Airports Coverage

India | India Aviation: Outlook Improving, if Peace Holds (Jun 28th) Geopolitical disruption is the Europe Graham Hunt, CFA

worst-case scenario for airline investors - and the past 3 months saw crude spike, pressuring profits Kiara Asinobi

& carriers rationalising capacity. Easing ME tensions have pushed crude back to pre-war levels for Australasia Amit Kanwatia, CFA

now, improving outlook. India's consolidated aviation market & IndiGo's leadership leaves the airline Anthony Moulder

India Prateek Kumar

well-placed to benefit, with NT capacity constraints supporting yields. Our normalised FY28 EPS LatAm Alejandro Demichelis

assume USD 80-82/bbl crude. .Source: Jefferies