In short: Referenced only — "Their biggest stake is the Bangalore Airport" (held via Fairfax India). No figures given.
In short: "The crown jewel" — 55% of Fairfax India's investment portfolio, and the whole valuation case. Traffic +8% to 43.8m passengers, management targeting 80m by 2029; revenue has compounded at 21% a year over six years while the carrying value went from ~$2.6bn (2019) to ~$2.9bn (2025) — 1.8% a year. Carried at 10x EBITDA and 13.8x free cash flow against a peer-transaction average of 21x (Brussels 29x, Sydney 25x, Copenhagen 26x). Structure: Fairfax India owns 30.4% of BIAL directly and 88.5% of Anchorage, which owns another 43.6%; OMERS bought 11.5% of Anchorage for $129m in 2021, implying a $2.6bn equity value for all of BIAL. The catalyst is the Anchorage IPO — "the proportion of Fairfax India's investments subject to public mark-to-market valuations would increase from 31% to 85%."
Bangalore is India's technology capital — most big American tech firms have engineering centres there, and about one in four iPhones is now made in the city. Its airport handled 43.8m passengers last year, 8% more than the year before, and management expects roughly 80m by 2029. Airports are natural monopolies: a city gets one, it cannot be duplicated, and it charges everyone who passes through.
Here is the mismatch. The airport's revenue has grown 21% a year for six years. The value Fairfax India puts on it in its accounts has grown 1.8% a year — from about $2.6bn in 2019 to about $2.9bn now. Nothing about the business justifies that; it is simply a cautious internal estimate that has not been marked up.
Comparison makes it starker. Airports that have actually changed hands recently sold at an average of 21 times their annual operating profit — Sydney at 25, Brussels at 29, Copenhagen at 26. Bangalore sits in the books at 10 times. The nearest listed Indian operator, GMR Airports, trades at 10.1 times revenue, which is more than Bangalore is carried at against profit.
The way this gets recognised is a stock market listing of Anchorage, the vehicle holding most of the stake. Once listed, the market sets the price and the estimate stops being an estimate. Management says that would move the portion of Fairfax India valued at real prices from 31% to 85%. The caveat is timing: regulatory approvals are still outstanding, and "over the next few years" is as precise as it gets.
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