Equity research

DAA: looking through the regulatory headlines

DAVY VIEW

The DAA bond has underperformed in recent months amid concern regarding the regulatory airport tariff reductions for the 2020-2024 price control period. We believe this underperformance is overdone. With the bond therefore looking cheap and its credit rating likely to remain unchanged, we adopt an 'ADD’ recommendation.

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Oct 31 2019, 15:50 GMT

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