Investments 101

Singapore's Changi Airport said on Monday (1 March) that it has acquired a 5 percent stake in Gemina, the operator of Rome's two major airports, for SGD$100 million (USD$71 million), its biggest acquisition ever.

Details: http://news.airwise.com/story/view/1267441780.html

Comment:  Suppose Sea-Tac Airport were a separate for-profit corporation.  How much would you, a prudent investor, pay for a 5 percent stake in that business?  $71 million?  The two airports at Rome handled slightly over 38 million passengers last year.  Sea-Tac handled slightly over 32 million 2008 (2009 numbers not yet available).  So, on a passengers-served basis, a 5 percent stake in Sea-Tac should be worth $60 million or so, & the whole Airport would be worth $1.2 billion.  That's a minor fraction of what has been spent recently in capital building projects.  

Suppose that the Airport had to reveal the sort of financial information about itself that a firm on the stock exchange has to publish -- what would be learned?