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Imtech: A new airport in Istanbul?

Imtech: A new airport in Istanbul?

24.1.2013 9:52

Turkey wants to show the world they have the biggest……airport:

According to reports in the media, Turkey is planning to build a new airport in Istanbul, “which should become the largest in the world”, according to a government spokesperson. Capacity should be 150 million passengers per annum, which compares to 45 million passengers at Ataturk airport on the European side of Istanbul, and unknown capacity at Sabiha Gokcen airport on the Asian side of Istanbul. The new airport should surpass Heathrow (70m, currently the largest), and Dubai airport (90m by 2018, 60m today) and will be built on the European side of Istanbul, close to the Black Sea. The tendering process is said to start shortly, with completion of the first phase (90-100m) scheduled for 2017. The project is said to be completed in four stages with total construction costs exceeding € 7bn (excluding interest costs).

Imtech has exposure to airports and to Turkey:
Imtech has been involved for many years in new build projects and maintenance of airports in the Netherlands, Germany, and the UK, and perhaps a few other countries as well. Furthermore, Imtech gained access to the Turkish market in March 2012 via the acquisition of 80% in local services company Arma-Elektropanc (AE). Therefore, we consider it likely that management wants to get involved in this project, as there must be a helluva lot of business opportunities to chase.

Once again, a possibility for top-line synergy through exports:
We believe this could be an opportunity for Imtech to export its airport-related knowledge from its network in Western Europe to its recently acquired subsidiary in Turkey. In addition, AE’s counterparty risk should have improved strongly under the wings of a multinational company such as Imtech, so it should stand a much better chance to get involved under the Imtech umbrella than on its own two feet.

No impact on estimates and investment case:
Obviously, this news has no impact on our estimates as there is no contract. Furthermore, had there been a contract, it would not have mattered either short-term, as Imtech’s services typicallycome into play towards the end of the construction phase.

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