Investors did not immediately appreciate the isolated victory at the Congonhas Airport auction (and ten other lounges), which was won by the Spanish state-owned company, AENA, as well as reservations by the financial market.
The Spanish company AENA has a corporate structure where the Kingdom of Spain owns 51% of the shares, through ENAIRE, a public entity fully controlled by the Ministry of Local Development. The rest of the shares are freely traded on the Madrid Stock Exchange. This open public company format is similar to what we have in Brazil with Petrobras, for example.
However, the company’s private investors did not react well to the outcome of Thursday’s auction, when AENA bought Congonhas, Campo Grande (MS), Corumbá (MS), Ponta Porã (MS), Santarém (PA) and Marabá (PA) airports. . ), Parauapebas (PA), Altamira (PA), Uberlândia (MG), Montes Claros (MG), and Uberaba (MG).
For example, Banco Renta 4 understands this “Lack of operational details about the other terminals (outside Congonhas) and the apparent high price”The Spanish newspaper El Diario said that the Madrid Stock Exchange was upset by this.
For analysts, there is a feeling that the Brazilian government wanted to solve many problems in one fell swoop, and that in addition to the lack of other competitors in the auction, It contributed to a 2.14% drop in AENA shares this Friday, accumulating a year low of 9.19%. The decline was higher than that recorded in the average stock index. madrilini1.08%.
This block of airports was perhaps the most anticipated since Brazil began making concessions, just before the 2014 FIFA World Cup, almost 10 years ago. After giants Guarulhos, Gallio and Campinas abdicated, the market’s eyes turned to Congonhas and Santos Dumont, the central airports of the country’s largest cities, São Paulo and Rio de Janeiro, respectively.
While the situation in Rio remains uncertain, with Galeao Airport concessionaire returning the building, triggering a new bidding process, and now with Santos Dumont, in São Paulo it has been the opposite.
However, there was something strange in the air when, days before the auction, rumors were already circulating in Faria Lima (the financial center of São Paulo) that AENA would be the only one coveting the block, which ended up being confirmed later. The absence of CCR, Inframerica, Vinci, Socicam, Fraport, Zurich Airports and other giants that already operate large airports in Brazil, has attracted a lot of attention.
Aena Brasil’s family is growing 💚✈️
Aina is the biggest winner in the largest block in the seventh round of airport concessions, taking over 11 other airports in Brazil, including Congonhas, the second largest group in terms of passenger traffic in the country. pic.twitter.com/UNNFwaFJD2
– AenaBrasil August 18 2022
For many people, the exaggerated diversity of the block, including airports in the interior of three different and distinct states, without much connection to Congonhas, and obviously less attractive, alienated other potential investors.
Another point is overlap, as many of the airports in the block are very close and compete with each other, such as Uberlândia and Uberaba, in Triângulo Mineiro, and Parauapebas and Marabá, in the southern region of Barra and Serra dos Carajas.
Another issue to consider is the distance between the airports, which means a more dispersed future operation: Maraba is located 500 kilometers from the coast, while Punta Bora borders Paraguay and Corumba with Bolivia. The previous block taken by Aena, Northeast, focused more on the company’s operations around main center Recife would save costs, as it included Juazeiro do Norte (CE), João Pessoa (PB), Campina Grande (PB), Aracaju (SE) and Maceió (AL).
The auction was held in Building B3, in São Paulo, and followed the best bid model, delivered in sealed envelopes. Only AENA made a bid for the block, at a premium of 231.02%, for a total of R$2.45 billion (the minimum bid was R$741 million).
For many investors, AENA can expect to be the only party or one of the few interested parties and place a lower bid on the closed envelope, then raise the bet, not conceding 231% above the minimum value.
Bankinter notes that winning the auction is a good opportunity to increase AENA’s presence in the international market, but the return on investment needs to be more precise and detailed, and while there is no more information, a moderate negative impact on the company’s stock.
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