Portugal airport operator may be five times TAP's value
from Bloomberg Businessweek
Portuguese airport operator ANA may generate 2.6 billion euros for the government, five times as much as state-owned airline TAP, as investors bet on more reliable returns from infrastructure assets. Some of the five offers for ANA-Aeroportos de Portugal SA shortlisted by the government value it at 12 or 13 times last year's 199.8 million euros in earnings before interest, tax, depreciation and amortization, according to Maria Luis Albuquerque, Portugal's secretary of state for treasury.
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