Association of Private Airport Operators(APAO - AERA
Association of Private Airport Operators(APAO - AERA
Association of Private Airport Operators(APAO - AERA
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SNo I<br />
7.<br />
<strong>Airport</strong><br />
<strong>Airport</strong><br />
Xiamen<br />
International<br />
<strong>Airport</strong> Co<br />
Mean<br />
I<br />
Debt/ Equity<br />
(Market<br />
Value)<br />
<strong>Association</strong> <strong>of</strong><strong>Private</strong> <strong>Airport</strong> <strong>Operators</strong><br />
Response to A ERA 's Consultation Paper No. 32/201 1-12 dt, 03 Jail 2012011<br />
determination <strong>of</strong>Aeronautical Taritt in resnect <strong>of</strong>IGI Alrnort, New Delhi<br />
DeW Equity<br />
I<br />
Asset Beta<br />
(Book Value) (Market Value)<br />
I<br />
0.01 0.16 0.91<br />
0.77<br />
29t1l February 2()12<br />
Asset Beta<br />
(Book<br />
Value)<br />
Median 0.80 0.76<br />
3.25 <strong>APAO</strong> had commissioned a study on Cost <strong>of</strong> Equity on Indian <strong>Airport</strong>s by Mis .<br />
KPMG and the report has been made available to the Authority during 2010. Mis .<br />
KPMG after extensive research had recommended a return on equity <strong>of</strong> 20-23 % for<br />
Indian <strong>Airport</strong>s. <strong>APAO</strong> also made a presentation before the Authority on this report. So<br />
far we have not heard any concern or doubts or clarifications on this account from the<br />
Authority.<br />
3.26 Estimates bv other consultants: KPMG and Leigh - Fisher Management Consultants<br />
are global consultants with vast knowledge and experience in airports including<br />
valuation <strong>of</strong> airports.<br />
0.82<br />
0.68<br />
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