What does airport financing look like?
Sorry if this question is dumb.
What does a capital structure of an airport look like? I read something on wso that airports were 100% or mostly funded by debt and didn't really know how to attest to that. Where high interest would be supplemented by high cash flows. It sounds like the main way of valuing it would bewhere the after-tax Cost of Debt would be the discount rate (since equity funding was negligible). and PTs I imagine are a bit whacky in this space.
Also if an airport has a very high debt to equity ratio, wouldn't that make airport ownership susceptible of being bought at a discount in relation to debt?