Corporación América Airports: Earnings Growth Requires Minimal Additional Capital, Increasing Returns
CAAPCorporacion America Airports(CAAP) seekingalpha.com·2024-05-21 14:02

Pgiam/iStock via Getty Images Investment Synopsis Following our last publication on Corporación América Airports S.A. (NYSE:CAAP) in January titled "Excellent Growth On Incremental Capital," shares of the airport operator have lifted 20%. It is time for a review of the investment case. Now following the company's FY'23 annual numbers, the investment runway has extended for CAAP in my view. It posted FY'23 revenues of 1.25Bn,growing220bpsYoYonoperatingincomeof1.25Bn, growing 220bps YoY on operating income of 540.6mm, 38.6% margin. Note, these figu ...