The Task
The lead technical advisor, LeighFisher, tasked us with conducting commercial due diligence and a revenue forecast model for a potential bid on Aéroports de la Côte d’Azur by Atlantia, Aeroporti di Roma, and EDF Investment.
Our Approach
Our approach was based on site visits, information memorandum review, benchmarking, and thorough due diligence on the commercial operation of the airports, with a particular focus on Nice Airport. We also evaluated the commercial space distribution, passenger flows through the terminal, and shop allocation to identify opportunities for introducing new shops and food and beverage units. Additionally, we assessed the existing contract structure and recommended changes to maximise revenues, including the concession model and rent structure.
Our team developed a detailed revenue forecast for each airport, including sales and revenue per passenger per business line per year. We also conducted a sensitivity analysis of different CAPEX and traffic options and provided recommendations accordingly.
The Result
Thanks to our comprehensive report, the client won the concession and has been operating the airport successfully since.