Airports & Aviation Services Valuation Multiples and Public Comps

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
Vinci	$106B	n/a	n/a
AerCap	$66.9B	n/a	n/a
Ferrovial	$55.3B	n/a	n/a
Aena	$47.8B	6.5x	10.8x
Airports Of Thailand	$25.0B	n/a	n/a
FTAI Aviation	$24.5B	n/a	n/a
Aéroports de Paris	$22.6B	n/a	n/a
GMR Airports	$16.4B	11.1x	27.0x
Grupo Aeroportuario del Pacífico	$15.0B	n/a	n/a
Shanghai Airport	$11.8B	6.2x	14.5x
Flughafen Zuerich	$11.5B	n/a	n/a
Copenhagen Airport	$9.8B	n/a	n/a
ASUR	$9.3B	n/a	n/a
Auckland International Airport	$9.3B	n/a	n/a
SATS	$7.1B	n/a	n/a
Airports Corporation of Vietnam	$6.4B	6.5x	9.8x
Grupo OMA	$5.7B	n/a	n/a
Flughafen Wien	$5.5B	n/a	n/a
Athens International	$4.9B	6.1x	10.4x
Corporación América Airports	$4.8B	n/a	n/a
VSE	$4.6B	4.2x	26.3x
TAV Airports	$4.6B	2.1x	6.9x
AAR	$4.4B	1.5x	12.2x
Fraport	$4.2B	0.8x	2.6x
Japan Airport Terminal	$3.4B	1.8x	7.6x
ENAV	$3.4B	n/a	n/a
Clear Secure	$2.9B	n/a	n/a
Shenzhen Airport	$2.8B	3.9x	9.9x
SIA Engineering Co	$2.7B	n/a	n/a
DO & CO	$2.7B	n/a	n/a
Beijing Airport	$2.6B	n/a	n/a
Guangzhou Airport	$2.5B	n/a	n/a
Bet Shemesh Engines	$2.3B	n/a	n/a
TravelSky	$2.2B	n/a	n/a
Catrion	$1.9B	n/a	n/a
Evergreen Aviation	$1.8B	n/a	n/a
Bristow Group	$1.8B	1.2x	7.1x
Saudi Ground Services	$1.6B	n/a	n/a
HAITE High-Tech	$1.5B	n/a	n/a
LES Info	$1.5B	n/a	n/a
Abu Dhabi Aviation	$1.3B	n/a	n/a
Celebi Aviation Holding	$1.0B	n/a	n/a
Wheels Up	$820M	n/a	n/a
Belgrade Nikola Tesla Airport	$787M	n/a	n/a
Sky Harbour Group	$625M	n/a	n/a
GMF AeroAsia	$613M	n/a	n/a
AerSale	$493M	n/a	n/a
Aeroporto di Bologna	$451M	n/a	n/a
ICTS International	$85.0M	n/a	n/a
Technical Publications	$41.9M	0.7x	3.8x
TraWell Co	$28.7M	n/a	n/a