Assuming a post-Covid recovery of air traffic levels, investing in airports today could be a very good idea. But only at the right price. Indeed, the market value of an airport today must reflect both its future expected cash flows, which may well remain largely intact over the next few decades, and a risk premium that has increased by 300 basis points on average as of Q4 2020*, to reflect the heightened uncertainty with which these cash flows may be paid since the start of the pandemic. This is simple maths: airports must be cheaper now than they were a year ago.

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