Airports: Buy, hold or sell?

Global airport stocks down more than 40%

With lockdowns across the globe slowly lifting and signs that global economies are emerging from hibernation, is now the time to invest in airports?

Valuations certainly are cheap relative to history with global airport stocks down more than 40% over the past four months. The question becomes how long it will take before air traffic goes back to normal and which airports have a strong enough balance sheet and sufficient liquidity to survive.  Consumer behaviour also has a part to play. When will the public feel safe enough to fly? Retail investors have piled into the sector in recent months with a 'buy the dip' mentality, but many institutional investors are long-term investors in the sector. Whitehelm holds three airport stock...