Is this new platform layout accessible for everyone on the old research platform ? It's asking me to enroll again ? It lets me into the old platform no problem though.
Now this is something worth looking at. A few hot takes: 1. I wish airports didn't carry so much debt. I can forsee some lower quality airports becoming zombie companies 2. Post corona-margins might be lower for a while. - Permanent shifts in consumer behaviour are still not clear (business travel) - lower airline profitability might trickle down to the airports (like a tenant/landlord relationship). 3. Advances in aviation tech will favour airports that benefit from long haul point - point routes. Hub and spoke model is becoming outdated. Will likely impact growth rates for certain airports. 4. Main focus should be on how robust cashflow generation is. (seems volatile) 5. Interest rates need to stay low for this investment to work out. Impacts profitability, growth opportunities, valuation.
One thing is for sure interest rates will not go up central banks simply cannot raise interest rates it would simply destroy economies and the stock markets if anything interest rates may even go negative.
I recently did some analysis on the Latin America airports and decided to hold off for now, but definitely intriguing wide moat companies that'll keep watching. Definitely adding Fraport to the list as well. I hope you'll share your analysis on some of the Latin American airports once completed. Thanks as always Sven! Your in depth research is second to none on RUclips.
"AENA" it's the company that manage all the airports in Spain (it used to be a public company). If you do an analysis about the sector it would be interesting to analyze it too :)
Auckland international airport. Check this one. Only way in and out of New Zealand, and not many other places to build a big airport near all the big cities in NZ.
dont waste time on auckland airport， it is very badly managed the company did huge placement and very big duliution in very low price ，and they are not international transition airport
I didn't know owning airports was a thing, I just thought they were all owned by the local governments. This was a really interesting idea, but I'm not sure if I would invest in any. Great topic.
I'd be interested to see a stock analysis of Airbus as they too have a strong moat. On a separate note, would also be interested to see how you would go about creating a revenue model for your DCF
New Zealand airport has the best moat. There’s no space to put a competing airport. And Australia is a growing country that seem to love travelling to New Zealand
read ur analysis. gonna buy some of ARRPY. all it needs to do is go back to pre pandemic levels and you double your money. seems like a relatively safe bet. can't see it losing much more value.
Great video on how to benefit from the aviation industry without investing directly in airlines. Currently invested in Raytheon Technologies, an aerospace supplier, also have a huge market share in defence industry so not reliant on just the commercial aerospace. Thanks Sven!
Sven This is a very compelling thesis, seems to me a primary risk is how the emerging economies will do post covid, if their currencies crash that could remove hundreds of millions of the newer travelers that have emerged in places like India. As always its risk versus reward :) Sven any chance you will do a video telling us how your investments worked out in the first half of 2020? Thanks Sven great content.
I am a long-term investor, I look at what will the world look like in 2030. - so corona is only about surviving and 6 months mean nothing to me as for performance:-) Ask me how I did over the last two decades and then the comparisons become really irrelevant:-)
Thanks for the video Sven! I just invested heavily into this airport instead of DAL because of your video. Also good to support my German neighbours in these times 😁
@@Value-Investing Fraport has reported in march a cash position of almost 1 billion. How much of the stockprice is this? Can someone calculate this for me? Thanks steve
Dear Sven have you though about a possible new era that may be many small airports in order to avoid big ones due to convid and due to more flying. However, for sure I agree with your view. However, I believe we are going to a new model in airports. (Many more and smaller ones)
Thank you, great point indeed. And also imagine the future of Paris airports if Air France go away. Or Frankfurt airport in case of Lufthansa bankruptcy
@@max77vvxf5yvh - as Kriztian said, if one airline folds, another will take its place. I read that airlines was/is flying empty planes to and from airports simply to keep their slots active and open. Otherwise there is a real risk that the airport will assign that slot to another airline and then it could take months to get it back, if ever.
Congrats, great analysis Sven. I m a proud holder of 50 Fraport shares 😅 hope will go under 30 till the end of the year to buy more. It's a fantastic business. no dividends this year but it's understandable with the current situation. I would be curious about what it's your opinion about the Hungarian WizzAir. seems to be a corona winner.
You should do a video on how to invest in Europe when you live in America\Canada and vice versa. I can only invest in those compagnies via the OTC|Pinx market I think.
Hm .. if climate change is real, we might see stagnation in the aviation industry. On top corona teached us you absolutely do not need to travel in order to have a 2 hour meeting (just do video conferences). I'd expect business travel to stagnate or even shrink, tourism might as well refocus on non-flight locatioins because of co2 emission shaming. Any thoughts ?
The CO2 thing and associated flight shaming might be a thing to worry about. But in the long term? I do not think so. There will be a technical solution to C02. Whether it be extraction directly from the air, electric planes, or hydrogen-powered engines, I do not know. But it will come.
When I want to feel better I look at Dr Sven's videos! And I learned something new, never would have thought about airports as investments in spite of living near one!
Good video Sven Airports are indeed interesting to buy considering the moat it has and the probale future growth in air traffic. Also intersting understand how air routes work Transit flights for an airport are big business Schiphol(Amsterdam Airport) makes alot of money trough this, but those transit flight can be taken way by other airports like Brussels, London or Paris etc etc but I think the cake is big enough for everybody thou. So eager to hear more from you about this keep it Sven!!!!!!!!
Moat is there for sure. How business and other travelling will change permanently is open question. Possibly business will take bigher hit than vacations. Small position for starter might be good idea.
when you have time take a look at ENAV spa, it is not an airport but it controls Italian air travel, it has a monopoly in Italy where there is the highest annual growth rate of flights in Europe. ciao!
Once you built it, it will make money.... maybe a bit to easy! Most American Airports for example suck because they didn’t do the investments needed to modernise..
good analysis. AENA, Ferrovial and Vinci are typical Utilities favorites of mine
3 года назад
BTW, have a look too at ACCIONA, it a utilities contractor / installer, usually well diversified and globalized and it suffers penalty of being in spain in valuation so you may find some value (usually no huge multiplier but safe and reliable, like REE, but good to have for shopping list).
🐲 Warren Buffett sees a lot of risk in Airline-Companies. Flughafen Wien AG: The challenge is it is very close to Vienna city and the new planned runway is controversially discussed. The Bratislava Airport is very close to Vienna. IMO the better solution than a new runway would be a good high-speed train connection between Vienna and Bratislava. .
I own zürich airport as it is a monopoly. But i have learnt that pricing power is there but limited by law concerning passenger fees. Its a differnt story with shop rent, parking house rent... there they use pricing power af full exted
Hi Sven. Many thanks for sharing your ideas. I did my own analysis regarding the Fraport stock and as you said, the free cash flow is good and the value of this company looks under estimated but I fouund that the working capital is always negative. Honesly I do not understand how a company like this one can have a negative value. Does not it worry you? Thanks again for your studies. Davide
Zürich airport is partly owned by zürich.... it has a very strong balance sheet. It is the best european airport and winning these awards regulary. The problem for you: 35 percent of withhold tax on dividends that you can reclaim.... but you have a lot of work as you have to hand in a form and most investors wont do that
Hi Sven, you may want to look at Spanish Aena in your research platform. I think they own their airports forever. Pandemics usually last 2 years. Quite hard to find an airport that can clearly last till the end 2021 without more funding. I would also be careful of airports with a lot of revenue from retail (rent) - if we are talking about running at a reduced capacity just to breakeven, this will probably be zero till the crowds return (not worth renting/operating a shop at reduced capacity).
Hi Sven thank you for your report. From the list of airports I saw in your video I did not catch AENA, which is a Spanish airport I am currently invested in. If you have not spotted yet, I suggest you to take a look at this Spanish airport. I have also in my radar Fraport but I am stil hesitating to buy it. Question: can you tell me which broker do you use ? I am asking this because I have heard from your video about Vienna Airport but my broker (Fineco - I am an Italian investor) did not offer me the trade on this stock, so could you please indicate me which broker you use in order to allow me an even bigger availability of stocks to buy ? thank you if you like to respond to me. ciao
@@Value-Investing thank you Sven for your reply. I look forward both of your videos (AENA + broker). In the meanwhile I just want to share with you my thought (no need to reply on this): because many travel and leisure stocks dropped becuase of the Covid situation, I am scrutinizing a lot of travel and leisure stokcs (among which AENA and Fraport and others too). My reasoning is this: sooner or later Covid will pass and travel and leisure industry will get back. This could not be a 10 bagger bet but with a 100% profit I will be also satisfied too. ciao e grazie !
Aren't there more regulatory risks than just the concessions? For example, in the Netherlands Schiphol isn't allowed to grow its traffic due to environmental concerns and noise complaints from residents in the area. There's even plans to shrink the traffic in the future.
Regardingthe risk of pandemics, if you ask for example a veterinarian, they will tell you that this kind of situation is plenty more likely today than it was in 1918, because of industrial practices concerning livestock and domestic animals. We will just need to learn how to improve our society to react better and be much more resilient to pandemics. For example, in 2020 researchers managed to train dogs in the span of weeks to reliably detect covid infected persons by smell. This technology can enable airports to restart travel much faster in the event of a global epidemic.
The issue with Farport is that Frankfurt is a hub for further transit whether passengers or cargo. With Lufthansa very dodgy atm the other rival area hubs Paris, London and Amsterdam might benefit. I live in Berlin and fly 6-8 times a year to asia (nevermind around Europe regularly) but need to fly via one of these four hubs. All equal with transit time major deciding factor. I find Amsterdam the best airport but KLM/Air France less so. Heathrow terrible. Frankfurt and Lufthansa the best experience overall and in terms of value for money. But who knows if this will continue as lufthansa definitely don't seem to have a profitable business structure.
Agree with the analysis, BUT i wish FPRUF had normal trading volumes - avg. volume per day is 298 - shockingly low! (most days it has 0 volume per yahoo finance)
Does it matter though if the stock is highly shorted? I just recently saw a bloomberg (i think it was bloomberg) interview where it showed that Fraport was shorted 40%?!? Can that be right? And if so what does it say? Thanks Carl for the videos. Im actually from Austria and do some business in Maribor. Maybe we can meet sometime when the current situation allows it. :)
Italy has a strong rail company Trenitalia but it's state owned :-/ I would be indeed interested to get exposure in rail, considering also vast high-speed connection accros Europe and being much more environmental friendly than plane
As I mentioned before in the comments I love your long term stock recommendation 👍 , because it gives me a chance to add valuable Bussines into my portfolio with confidence , of course for next 5/10 years 😉 , Corning up 25% since I purchase it ✅ thanks again
Seems to me that airports will be second, maybe third, in line of creditors for all the airlines that will soon file bankruptcy. It's a wait and see industry niche! IMO
I agree its a wait and see for me as well the economic effects of covid are not being felt in full yet its like watching film nuclear bomb most of the damage actually comes from the shock wave that follows. People are looking to old metrics as a guide to the future but this is the first time we have had a global pandemic in the age of global travel no one knows how bad the economic impacts and mindset impacts will be.
Hi Sven, I'm pretty ignorant about the topic.. Anyway, any thoughts about the Mexican operators (Grupo Aeroportuario Centro Notre, G.A. del Pacifico, G.A. del Sureste)??
I like to buy the Airport Zurich share (CH) but due to a conflict between the EU and CH I'm not able to buy via my trading platform in Germany. The additional costs for buying from a swiss broker are to high.
Would like it as well but I don't think he can his videos are always well researched I think it takes like 2 days to make a video like this. If Sven Carlin would make a video everyday he would be forced to make videos where he shares his opinion and then his content would become like that RUclipsr who I am not gonna name;-))
Hey Sven, Thanks a lot for another great video! I live in US and I don't see "ETR: FRA" as an option to invest but I do see "Fraport AG Frankfurt Airport Services Worldwide FPRUF" as an option. Do you think that investing using OTC markets is equal to investing in the real stock?
The ticker you want to buy for Fraport in the USA is FPRUY. It is a 2:1 ADR (2 FPRUY = 1 Fraport share). Check out this website from JPM, it lists all foreign stocks trading in the USA: www.adr.com/drprofile/35546M108 Foreign companies that are not listed on the NYSE are traded as ADRs OTC. ADRs emulate the underlying stock 100% (including dividends). Hope that helps!
Dear Dr.Sven, as usually great video. For me invest in an action with a high dividend makes no sense. because you always have to pay fees and taxes and after that there is not so much :(
Is this new platform layout accessible for everyone on the old research platform ? It's asking me to enroll again ? It lets me into the old platform no problem though.
Hi Sven, thank you for the video, when investing in industries that got beaten during the epidemic such as REIT, Airport, Travel my concerns are that i will see the ROI only after 3 - 5 years, Because the companies that needed bail-outs will pay first the debt to thier loaners, what are your thoughts ? are my concerns correct ?
How different a story do you think beijing capitial airport would have? The only difference would be DAXING airport but the moats are generally the same?
@@Value-Investing Just curious, would you consider state owned companies prioritizing national progress a problem only for China companies? Because Gazprom is also largely stateowned.
Invest with Sven Carlin, Ph.D. If you look at a cashflow statement, the first line in calculating operating cashflow is net income. Net income already factors in interest expense.
@@Value-Investing So FRAPORT should be up much higher than the airlines, right? Instead, it is still down significantly close to its lows while many airlines have doubled from their lows. Any explanation?
Here is the written analysis with links: svencarlin.com/airport-stocks-list/
Thank you.
Is this new platform layout accessible for everyone on the old research platform ? It's asking me to enroll again ? It lets me into the old platform no problem though.
What do you think about ASR airport to invest?
@Christpher / that is just the newsletter
Legend
Now this is something worth looking at.
A few hot takes:
1. I wish airports didn't carry so much debt. I can forsee some lower quality airports becoming zombie companies
2. Post corona-margins might be lower for a while.
- Permanent shifts in consumer behaviour are still not clear (business travel)
- lower airline profitability might trickle down to the airports (like a tenant/landlord relationship).
3. Advances in aviation tech will favour airports that benefit from long haul point - point routes. Hub and spoke model is becoming outdated. Will likely impact growth rates for certain airports.
4. Main focus should be on how robust cashflow generation is. (seems volatile)
5. Interest rates need to stay low for this investment to work out. Impacts profitability, growth opportunities, valuation.
if already heavy on debt, isn't corona going to further get them into debt for the next couple of years ??
good points!
One thing is for sure interest rates will not go up central banks simply cannot raise interest rates it would simply destroy economies and the stock markets if anything interest rates may even go negative.
So true ! In the age of Amazon they are the only malls people necessarily have to go to.
Nice video Sven.
1:17 "Flughafen Wien" - Damn, your german is on point :)
danke:-)
I keep coming across old videos from you Sven and the common trend seems to be "Yeah, he was right about that one too."
Well done! :)
hahahaha, that is great to hear!!!!
Very interesting analysis I need to take deeper look at airports. Also waiting for you to get RHIM on your Austrian stock list :)
I recently did some analysis on the Latin America airports and decided to hold off for now, but definitely intriguing wide moat companies that'll keep watching. Definitely adding Fraport to the list as well. I hope you'll share your analysis on some of the Latin American airports once completed. Thanks as always Sven! Your in depth research is second to none on RUclips.
"AENA" it's the company that manage all the airports in Spain (it used to be a public company). If you do an analysis about the sector it would be interesting to analyze it too :)
will write an article for sure!
Fraport and Aena very much the same problems but interesting longterm!
@@Value-Investing Thank you for the answer and all the great content you upload to RUclips Sven!
@@alberto_7683 It will be interesting as I invest and work at that company.
Auckland international airport. Check this one. Only way in and out of New Zealand, and not many other places to build a big airport near all the big cities in NZ.
dont waste time on auckland airport， it is very badly managed the company did huge placement and very big duliution in very low price ，and they are not international transition airport
@@siamshen which other airports are on your mind to be looked at?
I didn't know owning airports was a thing, I just thought they were all owned by the local governments. This was a really interesting idea, but I'm not sure if I would invest in any. Great topic.
I looked into the UK airports and they are not publicly traded so I guess its on a country by country basis
I'd be interested to see a stock analysis of Airbus as they too have a strong moat. On a separate note, would also be interested to see how you would go about creating a revenue model for your DCF
I find your videos really helpful btw!
I like your approach on stocks very different than everyone out there! Good work!
thanks!
New Zealand airport has the best moat. There’s no space to put a competing airport. And Australia is a growing country that seem to love travelling to New Zealand
That's why it's still expensive af
will make an analysis
I'm allready invested since march :) great video as allways
Did you do a fair value assesment?
hi there...and which broker offers vienna airport stock? thx
read ur analysis. gonna buy some of ARRPY. all it needs to do is go back to pre pandemic levels and you double your money. seems like a relatively safe bet. can't see it losing much more value.
Great video on how to benefit from the aviation industry without investing directly in airlines. Currently invested in Raytheon Technologies, an aerospace supplier, also have a huge market share in defence industry so not reliant on just the commercial aerospace. Thanks Sven!
Great video & completely thought outside the box with this video. Given me something to think about.
thanks
Sven This is a very compelling thesis, seems to me a primary risk is how the emerging economies will do post covid, if their currencies crash that could remove hundreds of millions of the newer travelers that have emerged in places like India.
As always its risk versus reward :)
Sven any chance you will do a video telling us how your investments worked out in the first half of 2020?
Thanks Sven great content.
I am a long-term investor, I look at what will the world look like in 2030. - so corona is only about surviving and 6 months mean nothing to me as for performance:-) Ask me how I did over the last two decades and then the comparisons become really irrelevant:-)
Thanks for the video Sven! I just invested heavily into this airport instead of DAL because of your video. Also good to support my German neighbours in these times 😁
I work for Brussels Airport. I will start buying as soon as I see the flights are picking up.
let me know when it happens:-) My email is investwithsven@gmail.com
@@Value-Investing Fraport has reported in march a cash position of almost 1 billion. How much of the stockprice is this? Can someone calculate this for me? Thanks steve
I got Fraport last month, also I got an Australian airport just in case. Thanks Sven!
FYI, interest expense is already included in the operating cash flow, which you deducted in the Fraport example. Keep up the good work, as always! =)
thanks!
Love your channel for the market insights and humour... 2:03 world going to end twice 😂
Interesting point about their debt and inflation Sven, along with cheap financing.
Dear Sven have you though about a possible new era that may be many small airports in order to avoid big ones due to convid and due to more flying. However, for sure I agree with your view. However, I believe we are going to a new model in airports. (Many more and smaller ones)
well, always going for bigger it seems the plans out there.
Thank you, great point indeed. And also imagine the future of Paris airports if Air France go away. Or Frankfurt airport in case of Lufthansa bankruptcy
Almost certainly nothing would happen. Years ago in Budapest the Hungarian Arline Malev went bankrupt someone takes over and things continue.
@@max77vvxf5yvh - as Kriztian said, if one airline folds, another will take its place. I read that airlines was/is flying empty planes to and from airports simply to keep their slots active and open. Otherwise there is a real risk that the airport will assign that slot to another airline and then it could take months to get it back, if ever.
Congrats, great analysis Sven. I m a proud holder of 50 Fraport shares 😅 hope will go under 30 till the end of the year to buy more. It's a fantastic business. no dividends this year but it's understandable with the current situation. I would be curious about what it's your opinion about the Hungarian WizzAir. seems to be a corona winner.
no interest in any of the airlines!
You should do a video on how to invest in Europe when you live in America\Canada and vice versa. I can only invest in those compagnies via the OTC|Pinx market I think.
it is about finding an international broker
Hm .. if climate change is real, we might see stagnation in the aviation industry. On top corona teached us you absolutely do not need to travel in order to have a 2 hour meeting (just do video conferences). I'd expect business travel to stagnate or even shrink, tourism might as well refocus on non-flight locatioins because of co2 emission shaming. Any thoughts ?
The CO2 thing and associated flight shaming might be a thing to worry about. But in the long term? I do not think so. There will be a technical solution to C02. Whether it be extraction directly from the air, electric planes, or hydrogen-powered engines, I do not know. But it will come.
What about negative free cash flow of Fraport with such a big debt?
Did you watch the video until the end?
When I want to feel better I look at Dr Sven's videos! And I learned something new, never would have thought about airports as investments in spite of living near one!
thanks :-)
Great job!
Good video Sven Airports are indeed interesting to buy considering the moat it has and the probale future growth in air traffic. Also intersting understand how air routes work Transit flights for an airport are big business Schiphol(Amsterdam Airport) makes alot of money trough this, but those transit flight can be taken way by other airports like Brussels, London or Paris etc etc but I think the cake is big enough for everybody thou. So eager to hear more from you about this keep it Sven!!!!!!!!
but if market growth 5% per year, all win:-) It is also about slots and timing.
I am discovering this video for the first time. ADP Paris looks like it is at a 52 week low.
Moat is there for sure. How business and other travelling will change permanently is open question. Possibly business will take bigher hit than vacations. Small position for starter might be good idea.
One of the best ideas around! Thanks.
when you have time take a look at ENAV spa, it is not an airport but it controls Italian air travel, it has a monopoly in Italy where there is the highest annual growth rate of flights in Europe.
ciao!
Sven, you should include Sats Ltd (S58) from SGX into your airport list haha. Seems to have a great moat and strong branding in Singapore.
will check it!
Once you built it, it will make money.... maybe a bit to easy! Most American Airports for example suck because they didn’t do the investments needed to modernise..
Great video. I like all your videos and especially the ones like this that are so specific
thanks!
good analysis. AENA, Ferrovial and Vinci are typical Utilities favorites of mine
BTW, have a look too at ACCIONA, it a utilities contractor / installer, usually well diversified and globalized and it suffers penalty of being in spain in valuation so you may find some value (usually no huge multiplier but safe and reliable, like REE, but good to have for shopping list).
What is wring with Fraport now? Price now is the same it was when covid hit.
overinvested likely in a bad period - I am looking at their huge invesment here in the local airport but things not picking up.
@@Value-Investing thanks for answer Sven! And thanks for your work! :)
¡Thanks for the content, so useful!
Glad it was helpful!
May I ask you also to check tickets industry? For example Amadeus IT. Thank you Sven for sharing your research!
🐲 Warren Buffett sees a lot of risk in Airline-Companies. Flughafen Wien AG: The challenge is it is very close to Vienna city and the new planned runway is controversially discussed. The Bratislava Airport is very close to Vienna. IMO the better solution than a new runway would be a good high-speed train connection between Vienna and Bratislava.
.
I own zürich airport as it is a monopoly. But i have learnt that pricing power is there but limited by law concerning passenger fees. Its a differnt story with shop rent, parking house rent... there they use pricing power af full exted
yes, it is 50 50 so still interesting!
Hi Sven. Many thanks for sharing your ideas. I did my own analysis regarding the Fraport stock and as you said, the free cash flow is good and the value of this company looks under estimated but I fouund that the working capital is always negative. Honesly I do not understand how a company like this one can have a negative value. Does not it worry you?
Thanks again for your studies.
Davide
I don't think it is that important within such a business model, plus it is a seasonal situation too so you have to see when are you looking at it.
Zürich airport is partly owned by zürich.... it has a very strong balance sheet. It is the best european airport and winning these awards regulary. The problem for you: 35 percent of withhold tax on dividends that you can reclaim.... but you have a lot of work as you have to hand in a form and most investors wont do that
thanks for sharing this:-)
Hi Sven, you may want to look at Spanish Aena in your research platform. I think they own their airports forever.
Pandemics usually last 2 years. Quite hard to find an airport that can clearly last till the end 2021 without more funding. I would also be careful of airports with a lot of revenue from retail (rent) - if we are talking about running at a reduced capacity just to breakeven, this will probably be zero till the crowds return (not worth renting/operating a shop at reduced capacity).
you have the article on my blog:-)
@@Value-Investing Thanks! AENA & Paris look interesting....
Hi Sven thank you for your report. From the list of airports I saw in your video I did not catch AENA, which is a Spanish airport I am currently invested in. If you have not spotted yet, I suggest you to take a look at this Spanish airport. I have also in my radar Fraport but I am stil hesitating to buy it.
Question: can you tell me which broker do you use ? I am asking this because I have heard from your video about Vienna Airport but my broker (Fineco - I am an Italian investor) did not offer me the trade on this stock, so could you please indicate me which broker you use in order to allow me an even bigger availability of stocks to buy ? thank you if you like to respond to me. ciao
will do AENA - will also make a video about brokers - Fineco is complex from what I hear:-)
@@Value-Investing thank you Sven for your reply. I look forward both of your videos (AENA + broker). In the meanwhile I just want to share with you my thought (no need to reply on this): because many travel and leisure stocks dropped becuase of the Covid situation, I am scrutinizing a lot of travel and leisure stokcs (among which AENA and Fraport and others too). My reasoning is this: sooner or later Covid will pass and travel and leisure industry will get back. This could not be a 10 bagger bet but with a 100% profit I will be also satisfied too. ciao e grazie !
Aren't there more regulatory risks than just the concessions? For example, in the Netherlands Schiphol isn't allowed to grow its traffic due to environmental concerns and noise complaints from residents in the area. There's even plans to shrink the traffic in the future.
yes but they own also the other airports around, so they will find a way, in the mean-time you are paying 8 EUR per hour parking or even 12
@@Value-Investing Sure, but if governments become more environmentally conscious, wouldn't you expect more restrictions on flights to emerge?
Very interesting Sven, as usual.
Regardingthe risk of pandemics, if you ask for example a veterinarian, they will tell you that this kind of situation is plenty more likely today than it was in 1918, because of industrial practices concerning livestock and domestic animals. We will just need to learn how to improve our society to react better and be much more resilient to pandemics. For example, in 2020 researchers managed to train dogs in the span of weeks to reliably detect covid infected persons by smell. This technology can enable airports to restart travel much faster in the event of a global epidemic.
good points!
Hi from Spain, I suggest you look at AENA, it is similar to fraport.
will make an article!
@@Value-Investing Great, Spain usually has lots of tourist and corrupted politicians.
The airport is going to the sky 50% profit! :)
Did enjoy this Sven. Well dissected
thanks!
In minute 1:48 I am surprised you listed Ferrovial and not AENA, probably one of the most important companies in Europe
added to the list, omitted it by error:-)
@@Value-Investing many thanks
The issue with Farport is that Frankfurt is a hub for further transit whether passengers or cargo. With Lufthansa very dodgy atm the other rival area hubs Paris, London and Amsterdam might benefit.
I live in Berlin and fly 6-8 times a year to asia (nevermind around Europe regularly) but need to fly via one of these four hubs. All equal with transit time major deciding factor.
I find Amsterdam the best airport but KLM/Air France less so. Heathrow terrible. Frankfurt and Lufthansa the best experience overall and in terms of value for money. But who knows if this will continue as lufthansa definitely don't seem to have a profitable business structure.
thanks for sharing!
Agree with the analysis, BUT i wish FPRUF had normal trading volumes - avg. volume per day is 298 - shockingly low! (most days it has 0 volume per yahoo finance)
ADRs are not really a good option!
is there an ETF that encompasses this? (i apologize if the references it i haven't finished the video yet)
don't think so
Does it matter though if the stock is highly shorted? I just recently saw a bloomberg (i think it was bloomberg) interview where it showed that Fraport was shorted 40%?!? Can that be right? And if so what does it say? Thanks Carl for the videos. Im actually from Austria and do some business in Maribor. Maybe we can meet sometime when the current situation allows it. :)
don't know how those info providers calculate the short exposure :-( if you are close to Bled, let me know.
Dear Sven, Thank you for all the great content! May I ask which tools do you use to screen & research stocks which trade outside the US? Thanks! :)
No screen, just lists
I like airport exposure but I believe in europe Rail, especially overnight trains will see a new interest. Any Idea how to get exposure?
Italy has a strong rail company Trenitalia but it's state owned :-/ I would be indeed interested to get exposure in rail, considering also vast high-speed connection accros Europe and being much more environmental friendly than plane
Until plane use biofuels
Forget it. The whole sector is full of gov. owned and highly subsidized train companies. You could perhaps buy stocks from a train manufacturer.
Check byd and there Traunstein and railways
Canadian railway long chart Looks interesting to me for sure!
I like your coment about parking rates. :)
As I mentioned before in the comments I love your long term stock recommendation 👍 , because it gives me a chance to add valuable Bussines into my portfolio with confidence , of course for next 5/10 years 😉 , Corning up 25% since I purchase it ✅ thanks again
Seems to me that airports will be second, maybe third, in line of creditors for all the airlines that will soon file bankruptcy. It's a wait and see industry niche! IMO
I agree its a wait and see for me as well the economic effects of covid are not being felt in full yet its like watching film nuclear bomb most of the damage actually comes from the shock wave that follows. People are looking to old metrics as a guide to the future but this is the first time we have had a global pandemic in the age of global travel no one knows how bad the economic impacts and mindset impacts will be.
Hi Sven, I'm pretty ignorant about the topic.. Anyway, any thoughts about the Mexican operators (Grupo Aeroportuario Centro Notre, G.A. del Pacifico, G.A. del Sureste)??
will analyse, have some data already but haven't written it up!
@@Value-Investing ;)
In Australia, Sydney Airport is good buy but there is new airport being built. In this situation, do you see any risk?
will analyse
Ferrovial has it all, heathrow & toll roads in NA, what else ?
then it is all about the price that fits you
Valuable overview!
Great analysis. Please do auckland airport analysis because im from nz!
will do!
Thanks, very interesting!
Fraport stock is negotiable in USA?
Great work as always
Great channel Sven!
thanks!
Keep up the great Job !
thanks!
I like to buy the Airport Zurich share (CH) but due to a conflict between the EU and CH I'm not able to buy via my trading platform in Germany. The additional costs for buying from a swiss broker are to high.
Evt. Degiro?
Sven I know you are more focused on research than RUclips but still I wish that you make more frequent videos.
Would like it as well but I don't think he can his videos are always well researched I think it takes like 2 days to make a video like this. If Sven Carlin would make a video everyday he would be forced to make videos where he shares his opinion and then his content would become like that RUclipsr who I am not gonna name;-))
@@evni6208 Jeremy hahaha
less videos, more quality - took a week of work to make this one and put the info in 20 minutes / my work is not to entertain, but to make money:-)
@@Value-Investing Don't change, we are lucky to have you.
@@Value-Investing Sven what was your schedule again? One video on Wednesday and one on Saturday?
Are you going to look at Sydney Airport (ASX:SYD?)
we will:-)
Thank you for the video
Please do video on Intel
Hey Sven,
Thanks a lot for another great video!
I live in US and I don't see "ETR: FRA" as an option to invest but I do see "Fraport AG Frankfurt Airport Services Worldwide FPRUF" as an option. Do you think that investing using OTC markets is equal to investing in the real stock?
The ticker you want to buy for Fraport in the USA is FPRUY. It is a 2:1 ADR (2 FPRUY = 1 Fraport share).
Check out this website from JPM, it lists all foreign stocks trading in the USA: www.adr.com/drprofile/35546M108
Foreign companies that are not listed on the NYSE are traded as ADRs OTC. ADRs emulate the underlying stock 100% (including dividends).
Hope that helps!
ask your broker!
Dear Dr.Sven, as usually great video. For me invest in an action with a high dividend makes no sense. because you always have to pay fees and taxes and after that there is not so much :(
it is about the dividend growth and earnings:-)
Just as a swing for today it woulda paid off for anyone who went in back then =)
What's your take on Boeing or Airbus?
ruclips.net/video/I9GOoa7IOZE/видео.html
First! Good day Sven
Congrats on this great achievement. Your mom must be proud.
Thanks - always good to comment for algo
@@JDYTC She is, I was first! Its great that you can comment while watching the video :) Good day JD
@@Value-Investing Anytime you deserve it - more people need to watch you!
Thanks
Airports! How Smart!
Aena should be very nice. As far as i know mallorca and the other Spanish island has only a single airport. Thats a tasty monopoly
that is the deal with airports
Is this new platform layout accessible for everyone on the old research platform ? It's asking me to enroll again ? It lets me into the old platform no problem though.
that is just the newsletter probably:-)
Hi Sven, thank you for the video, when investing in industries that got beaten during the epidemic such as REIT, Airport, Travel my concerns are that i will see the ROI only after 3 - 5 years, Because the companies that needed bail-outs will pay first the debt to thier loaners, what are your thoughts ? are my concerns correct ?
depends on the balance sheet and available financing
Hi Sven! Any comments or time on Post NL?
Would love to hear from you
no comments, haven't analysed them
Thank you!
Great video! How am I able to buy these stocks, which platform do I trade in?
you need a broker!
How different a story do you think beijing capitial airport would have? The only difference would be DAXING airport but the moats are generally the same?
Beijing is government owned and not really pro shareholders :-(
@@Value-Investing
Just curious, would you consider state owned companies prioritizing national progress a problem only for China companies?
Because Gazprom is also largely stateowned.
Wow. Didnt know theres airport stock
.. loll. I wonder why xspa rose and airport stock still down...
What do you think about Sydney Airport Sven?
Given Aus is facing a second wave of a shutdown and the political tension in this region
will write it up, maybe a video:-) just did the Mexicans
Where do you find the statement of 15:52?
Why are you deducting interest expense after maintenance cap ex? Double counting. Operating cashflow is already levered.
nope, interest is counted later:-)
Invest with Sven Carlin, Ph.D. If you look at a cashflow statement, the first line in calculating operating cashflow is net income. Net income already factors in interest expense.
Why is FRAPORT up 4% while some airlines have doubled from their lows?
Fraport is an airport, thus lower risk and moats, airlines have no moat and are high risk!
@@Value-Investing So FRAPORT should be up much higher than the airlines, right? Instead, it is still down significantly close to its lows while many airlines have doubled from their lows. Any explanation?
People are so busy talking about and buying airline stocks they don't even know airport stocks exist!