Doubts are emerging regarding the economic estimates for Sardinian airports, which are accompanying the privatization of Cagliari airport and the concurrent establishment of a single management holding company that will also include Olbia and Alghero. These doubts were raised by the advisor appointed by the Region to study in detail the expected scenario for air transport in Sardinia.

The reliefs

In addition to the declared lack of public interest (the transaction is considered "a mere capital contribution to a mixed company with a majority private participation"), the advisor noted that "the methodology" used to price the island's airports " cannot help but imply a high level of uncertainty , raising significant issues regarding the reliability and sustainability of the underlying assumptions." Specifically, "the expert appointed (to make the estimates) proceeded with a business valuation based exclusively on the financial method, discounting future cash flows (DCF) for a time horizon equal to the duration of the airport concession (25 years), without considering any terminal value. The (terminal) value thus obtained was assumed in full as the economic value of the stake." Hence, precisely, the concerns set out in black and white in the extensive consultancy, accompanied by graphs and tables, running to hundreds of pages and costing the Region "170 thousand euros," as stated in the preliminary agreement (Term Sheet) adopted by the Regional Council on March 16. Olbia's airport is valued at two and a half times that of Cagliari (details on the figures can be found in today's edition of L'Unione Sarda).

The other knot

The experts' analysis also highlights concerns about the effectiveness of the operation, which on paper should lead to integrated management of Sardinian airports , at least according to the intentions of F2i and the Region itself, as is clear from the Term Sheet. But "at least from the available data," write the LCA experts, "the risk is that the merger proposed by the Chamber of Commerce (CCIAA) could encounter limitations that would significantly reduce its commercial potential." The is the Chamber of Commerce of Cagliari and Oristano, currently the majority shareholder, with , the company managing the capital's airport. The operation that paves the way for the merger of the island's airports begins with the sale of that block of shares to F2i Ligantia. In exchange, the , in which the Region also intends to participate with a 9.25% stake. The investment fund would have , through , which, according to official documents, must also include Fondazione Sardegna and the Americans from BlackRock.