BAA A new magic number

Ferrovial, the Spanish construction company, is expected to announce its cash bid for BAA this week. But how much is the UK airport operator, which owns all three of London’s biggest airports, worth? Some shareholders have indicated they would be happy with 900p a share. In fact, it is probably worth rather more. BAA has remarkable growth prospects, thanks to massive building projects such as Heathrow’s Terminal Five and a possible second runway at Stansted. As a result, BAA’s regulated asset b...