| Concession Price (a) | Multiple of |
|
Skyway concession-actual | $1,830,000 | 63.1x |
|
Adjusted for shorter concession term-23 years | 1,031,388 | 35.6x |
|
Adjusted for lower allowable tolls-70% of CPI | 724,586 | 25.0x | Structural |
Adjusted for more modest traffic growth | 434,087 | 15.0x | Structural |
Adjusted for less leverage | 361,272 | 12.5x | Procedural |
Average for French concessions |
| 12.3x | Structural |
(a) Excludes transaction fees which, for the purpose of this table, are assumed to be a constant 2.7% of the actual and adjusted concession prices.
Source: Authors' calculations.