The (public) investors’ guide to Milan's SEA SpA

SEA SpA, the operator of Milan’s Malpensa and Linate airports, has confirmed it applied to launch its IPO on the Milan Stock Exchange despite choppy waters in the markets, the cancellation of IPOs by some other Italian companies and the withdrawal of Lufthansa Italia from its flagship airport. SEA expects healthy traffic trends going forward and believes it will list by Oct-2011. Airport IPOs are thin on the ground presently. How will this one fare, and what should potential investors beware of? [2340 words]

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This report contains the following subheadings:

• IPO limited to 39% of equity
• Malpensa is the primary asset
• Alitalia’s role at Milan still limited
• Notoriously parochial
• 70,000 seats a week to go
• easyJet to benefit?
• Breadth of airlines

This report contains the following charts and tables:

• Chart 1: Domestic routes, 11 to 17-Jul-2011
• Chart 2: International routes, 11 to 17-Jul-2011
• Chart 3: Milan Malpensa Airport capacity (seats per week to/from) by carrier, 11 to 17-Jul-2011