is map the next cnp, page-13

Minch I highly respect your posts on MAP and I think that is another great post.

I agree that consolidation in Europe will wind down, however on the horizon we have airports in the US potentially coming up, possibly a couple of UK airports and maybe even some airports in Asia. If Macquarie can pay the right price and instigate there efficient models to create value then I think there is still upside.

Whilst I dont see airports as true infrastructure assets there are similarities, which means pending huge worldiwde shocks driving airlines out of business etc I think they should be able to provide solid long term cash flow. Plus I still believe that there is a huge (and possibly growing) volume of money chasing airport (and infrastructure) assets and as such if they sold down any assets to repay debt I believe the price would be a strong one.

I would like to see a MAP debt profile and know about there interest rate hedges. (If any one has the info handy?)

I think the market has also taken a dim view of the huge 'performance' fee to be paid to Macquarie (some $70mil I think), coupled with the complicated use of significant leverage = a depressed share price.