Corporación América Airports S.A. (CAAP): A Bull Case Theory

We came across a bullish thesis on Corporación América Airports S.A.  on Stock Analysis Compilation’s Substack. In this article, we will summarize the bulls’ thesis on CAAP. Corporación América Airports S.A.’s share was trading at $21.36 as of August 15^th. CAAP’s trailing and forward P/E were 20.34 and 4.89, respectively according to Yahoo Finance.

Corporación América Airports S.A. (CAAP) is a leading global private-sector airport concession operator, managing a diversified portfolio of 53 airports across six countries in Latin America and Europe, including Argentina, Brazil, Uruguay, Ecuador, Armenia, and Italy. The company’s scale and geographic diversification provide exposure to multiple macroeconomic environments and travel markets, balancing international hubs, domestic airports, and tourist-focused facilities. Revenue is generated through two primary streams: aeronautical fees paid by airlines for landing, parking, and passenger usage, and commercial activities, including retail, duty-free, food and beverage, car parking, and advertising.

CAAP places strong emphasis on enhancing passenger experience to drive growth in higher-margin commercial revenue, leveraging its strategic positioning at key airports such as Ezeiza International in Buenos Aires and Brasilia Airport, alongside tourist destinations like Galapagos Ecological Airport. Since its inception in 1998, CAAP has consistently invested in airport infrastructure to improve operational efficiency, expand capacity, and generate incremental commercial revenue, demonstrating a clear track record of value creation. The company’s management team combines extensive sector experience with deep operational expertise, enabling effective execution across diverse markets.

Growth prospects are supported by long-term trends in global and regional air travel, positioning CAAP to benefit from rising passenger traffic and increased aeronautical and commercial activity. Additionally, the company actively explores new concessions and strategic acquisitions to expand its footprint, leveraging its operational capabilities to unlock value. With a resilient business model, a focus on operational excellence, and a passenger-centric strategy, CAAP represents a compelling investment opportunity in global transportation infrastructure, combining stable cash flows with growth potential from both existing operations and future expansions.

Previously we covered a bullish thesis on Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) by Chit Chat Stocks in May 2025, highlighting strong passenger traffic growth, rising commercial revenue per passenger, high operating margins, and potential upside from contract renewal. The stock has appreciated approximately 20.88% since coverage. The thesis still stands. Stock Analysis Compilation shares a similar focus but emphasizes CAAP’s global diversification.

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Disclosure: None.