SAC: acquiring a 51% stake in Sicily’s airport platform

Abstract

This independent report evaluates SAC’s Catania and Comiso airports as a potential investment for infrastructure private equity funds and institutional investors, placing the opportunity within the broader context of institutional ownership and consolidation in Italy’s airport sector. The analysis weighs Catania’s gateway position and commercial growth potential against Comiso’s losses, finite concession rights and the funding and capital-recovery requirements of Catania’s approximately €1.3bn development program. A finite-concession DCF estimates enterprise value at €173.23m and the value of a 51% equity interest at €97.46m. Complementary returns analysis, based on a separate €100.62m entry-price assumption, generates a modeled ten-year IRR of 7.97% with no interim dividends, below an illustrative 10% hurdle. These findings frame SAC as a conditional Core+ opportunity whose investment viability depends on disciplined entry pricing, verified tariff recovery and committed development financing.