Look at the price range of Dufry and Aena over the past 5 years. Do you see any potential for meaningful bounce back at Aena? I bought Dufry at CHF 35 with the hope of it getting to CHF 70-100 in 3 years time horizon (until flights return to normal). If I am right, my potential return is 2x-3x. At today's price, I am already at 1,4x in 1,33 years.
If I had bought Aena at the same time (Sep'20) at EUR 120, my upside in 3 years would be up to probably EUR 170. If I was right here, my return would be 1,4x in 3 years.
So which one of the two made more sense? Which one would you chose?
As for share issue, part of it went to delist their subsidiary Hudson news at very low price (on which they should do 2-3x money), I dont count this as earnings dilution. The rest went to raise cash to survive covid, so only larger part of the issue was dilution.