An absence felt in the airport auction on the eve of the 7th round of the National Civil Aviation Agency (Anac) was the CCR (CCRO3). The company was one of the main candidates to buy the SP/MS/PA/MG block, which
included Congonhas airport and 10 other smaller airports, but withdrew its participation on the eve of the event, not submitting proposals for it.
Spain’s Aena bought the asset, having already shown strong interest in its strategic location. Today, the company operates six airports in the Northeast of the country, so the acquisition is interesting for its portfolio expansion.
For Bradesco BBI, the result of the Congonhas airport auction confirmed that CCR took the appropriate decision not to participate. Aena won the auction for the block with an aggressive bid of BRL 2.45 billion, implying a 231% premium over the minimum concession fee.
The bank’s analysts point out that Aena has already become the largest operator of private airports in Brazil with 24 million passengers expected in 2022, surpassing CCR with 14 million passengers.
Even so, that being said, in 2023 the federal government should auction off two major airports in Rio de Janeiro – Santos Dumont (downtown) and Galeão (international) –, with a combined annual passenger traffic of approximately 22.6 million (pre-pandemic) ).
“In our view, CCR is the favorite candidate to win this auction, as the company has the scale to make a competitive bid and also has geographic exposure to the Southeast and South regions of Brazil. Meanwhile, Aena will need to digest her new block
from airports. The absence of other global players such as Fraport and Zurich airport also suggests that
CCR may not face fierce competition for these assets in 2023”, assess the analysts.
Analysts also believe that, with or without new airports, the CCR Airports division has gained enough scale to make an IPO [abertura de mercado] and/or sell a minority interest in this subsidiary to unlock value and fund its growth strategy.
BBI continues with an outperform recommendation (performance above the market average) for CCR shares, with a target price of R$ 16.00, or a 13% upside potential compared to the previous day’s closing.