▶ 114:34 · $AENA · Hohn highlights Aena's attractive 15% free cash flow yield

episode briefing

What makes a great company | Investment Conference 2025 | Norges Bank Investment Management

2025-04-29 · 5 company · 2 thematic

sentiment

4 bull0 bear1 neu

speakers

Founder and portfolio manager of TCI hedge fund; known for value-based approach and active engagement strategy; named one of Time's 100 most influential people; hedge fund manager of the year in 2007; knighted in 2014 for philanthropy and international development.

christian syninding

CEO of EQT; under his leadership, EQT quadrupled in size, became Sweden's fourth largest listed company, and a leading forward-thinking organization in private markets.

quote

“uh airport was basically brand new, huge under capacity um and 75% of the the the value was in unregulated shops and car parks and uh you know complete monopoly unregulated and uh huge growth potential and they sold it at a 15% free cash f…”

—christopher hohn

now playing · $AENA

$AENA···bullish· mediumchristopher hohn

Hohn highlights Aena's attractive 15% free cash flow yield

Aena offered attractive valuation (15% free cash flow yield) with monopoly characteristics and significant value in unregulated shops and car parks, providing growth potential.

$OVLbullish· mediumchristopher hohn

Hohn values OVL's family ownership and capital allocation in toll roads

OVL attracts investment due to family ownership (quarter stake), strong capital allocation skills, and focus on monopoly toll roads with high returns after selling lower-return as…

$SAFFRONbullish· highchristopher hohn

Hohn highlights Saffron's 13-year 20%+ IRR as aerospace JV

Saffron delivered attractive returns (>20% IRR over 13 years) due to high barriers to entry in aircraft engines (no new entrants for 50 years) and the lucrative spare parts busine…

$SAFFRONbullish· highchristian syninding

Christian highlights Saffron's 13-year 20%+ IRR as aerospace JV

Saffron delivered attractive returns (>20% IRR over 13 years) due to structural advantages in aircraft engines including high barriers to entry and spare parts model.

$SNELLneutral· mediumchristopher hohn

Hohn notes Snell investment mattered due to concentrated ownership

Hohn's 10% stake in Snell was significant because ownership was concentrated among four shareholders with 10% each, giving them influence.

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