In short: "The closest public peer for BIAL. They own and operate several Indian Airports." Used purely as the mark: an EV/Sales multiple of 10.1x — higher than BIAL's EV/EBITDA in Fairfax India's books. "Just read that again!" No view is offered on GMR itself, and no argument that its own multiple is justified; it is the yardstick, not a recommendation.
GMR runs several Indian airports and is the closest listed comparison to Bangalore. It is here as a measuring stick, not as a suggestion: it trades at about 10.1 times its annual sales, while Bangalore is carried on Fairfax India's books at about 10 times its annual operating profit — and profit is a far smaller number than sales.
One caution the piece does not offer. Comparing a multiple of sales to a multiple of profit is not a like-for-like comparison, and it flatters the argument. The underlying point — that a listed Indian airport is valued far more generously than an unlisted one — is fair, but the specific juxtaposition is doing more rhetorical work than analytical work.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.