News & insights
Date: March 2026 | Client: IATA | Sector: Transport | Aviation | Expertise: Regulatory Finance
Weighted average cost of capital at Aena Airports
CEPA was engaged by airline representatives to advise on the appropriate cost of capital for AENA SA, the Spanish Airports Authority. The project involved detailed analysis to determine an independent WACC estimate, a review of AENA's proposed cost of capital and presentation to stakeholders (including the regulator, the CNMC) in Madrid on those proposals. The project included recommendations of how best to manage the impact of the Covid pandemic on airport risk, how to assess the risk of different airports within an overall group, and technical questions around individual cost of capital parameters.
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