Aena case study: Privatization of the largest European airport group

Q1 Social Sciences Journal of Accounting Education Pub Date : 2023-03-01 DOI:10.1016/j.jaccedu.2022.100826

Diego Abellán Martínez , Juana Aledo Martínez , Marta Macías Dorissa

{"title":"Aena case study: Privatization of the largest European airport group","authors":"Diego Abellán Martínez , Juana Aledo Martínez , Marta Macías Dorissa","doi":"10.1016/j.jaccedu.2022.100826","DOIUrl":null,"url":null,"abstract":"<div><p>Aena, the largest European airport group, was partially privatized through an initial public offering (“IPO”) in February 2015. This IPO was the largest in Europe and the fourth largest worldwide that year. Aena operates in a regulated market in which cash flows are, in theory, stable and predictable. Therefore, we should not have expected significant noise around the fair value. However, that was not the case for Aena. The government set a minimum price for the IPO of €22 per share, the institutional investors who were acting as anchors offered prices in the range of €50-55, and the final IPO price was approximately €60 per share. At the end of 2016, the price increased to €130 per share. The aim of this case study is to disentangle the main aspects that caused the ramp-up in the stock price using financial statement analysis tools and techniques. This case study is suitable for financial statement analysis and corporate finance courses at the intermediate and advanced levels for undergraduate and graduate students. It also allows for a focus on specific topics such as financial analysis, valuation, regulation, and privatizations.</p></div>","PeriodicalId":35578,"journal":{"name":"Journal of Accounting Education","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Education","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0748575122000604","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Social Sciences","Score":null,"Total":0}

引用次数: 0

Abstract

Aena, the largest European airport group, was partially privatized through an initial public offering (“IPO”) in February 2015. This IPO was the largest in Europe and the fourth largest worldwide that year. Aena operates in a regulated market in which cash flows are, in theory, stable and predictable. Therefore, we should not have expected significant noise around the fair value. However, that was not the case for Aena. The government set a minimum price for the IPO of €22 per share, the institutional investors who were acting as anchors offered prices in the range of €50-55, and the final IPO price was approximately €60 per share. At the end of 2016, the price increased to €130 per share. The aim of this case study is to disentangle the main aspects that caused the ramp-up in the stock price using financial statement analysis tools and techniques. This case study is suitable for financial statement analysis and corporate finance courses at the intermediate and advanced levels for undergraduate and graduate students. It also allows for a focus on specific topics such as financial analysis, valuation, regulation, and privatizations.

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

Aena案例研究：欧洲最大机场集团的私有化

Aena是欧洲最大的机场集团，于2015年2月通过首次公开募股(IPO)部分私有化。这是当年欧洲规模最大、全球第四大的IPO。Aena在一个受监管的市场中运营，理论上，这个市场的现金流是稳定和可预测的。因此，我们不应该期望围绕公允价值的显著噪声。然而，对于Aena来说，情况并非如此。政府为IPO设定了每股22欧元的最低价格，作为锚定者的机构投资者提供的价格在50-55欧元之间，最终的IPO价格约为每股60欧元。2016年底，股价升至每股130欧元。本案例研究的目的是利用财务报表分析工具和技术来理清导致股价上涨的主要方面。本案例研究适用于本科生和研究生的中高级财务报表分析和公司财务课程。它还允许关注特定主题，如财务分析、估值、监管和私有化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文去求助

来源期刊

Journal of Accounting Education Social Sciences-Education

CiteScore

4.20

自引率

0.00%

发文量

期刊介绍： The Journal of Accounting Education (JAEd) is a refereed journal dedicated to promoting and publishing research on accounting education issues and to improving the quality of accounting education worldwide. The Journal provides a vehicle for making results of empirical studies available to educators and for exchanging ideas, instructional resources, and best practices that help improve accounting education. The Journal includes four sections: a Main Articles Section, a Teaching and Educational Notes Section, an Educational Case Section, and a Best Practices Section. Manuscripts published in the Main Articles Section generally present results of empirical studies, although non-empirical papers (such as policy-related or essay papers) are sometimes published in this section. Papers published in the Teaching and Educational Notes Section include short empirical pieces (e.g., replications) as well as instructional resources that are not properly categorized as cases, which are published in a separate Case Section. Note: as part of the Teaching Note accompany educational cases, authors must include implementation guidance (based on actual case usage) and evidence regarding the efficacy of the case vis-a-vis a listing of educational objectives associated with the case. To meet the efficacy requirement, authors must include direct assessment (e.g grades by case requirement/objective or pre-post tests). Although interesting and encouraged, student perceptions (surveys) are considered indirect assessment and do not meet the efficacy requirement. The case must have been used more than once in a course to avoid potential anomalies and to vet the case before submission. Authors may be asked to collect additional data, depending on course size/circumstances.