There is a worldwide trend in the privatization of transport infrastructure and airports. Likewise, the Greek government launched an extensive privatization program that granted Fraport AG the right to operate 14 airports for the next forty years. The two separate concessions for clusters of seven airports each are named "Cluster A" and "Cluster B." The financial assessment of privatization contracts is crucial so decision-makers can accurately assess the value of aviation enterprises. This paper applies the Economic Value Added (EVA) methodology and enterprise valuation on Cluster A by assessing the concession company's balance sheets and income statements. We concluded that Cluster A has a high Debt-to-Equity (D/E) ratio but also outstanding results when examining profitability ratios. After the adverse effects of the COVID-19 pandemic, we discovered that the concession has a vast potential for development and profitability. Overall, the privatization has successfully transferred operating risk to the concessionaire while ensuring timely airport upgrading/refurbishment. Finally, a high level of services has been attained, as evidenced that during the "2022 Airport Service Quality (ASQ) Awards" Thessaloniki Makedonia Airport was recognized as one of the top airports in Europe in the category of airports that handle 5-15 million passengers per year.



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