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Update to Price Target and Investment Stance: Following the publication of the financial performance for the first 9-months of Malta International Airport plc (“MIA” or “the Company”), we have revised our estimates in-line with MIA’s performance, which outperformed expectations. We maintain our Hold recommendation, with an upgraded price target of €7.64 from our previous target of €7.18. The Company’s passenger growth forecasts for FY 2019 was of 5.8% on an annual basis and up to October 2019, passenger movements increased by 6.7% on a comparative basis. Correspondingly, revenue for the first 9-months increased by 9.2%, which is more than double than that previously forecasted by management (growth of 4.1%). Consequently, we revised our profitability forecast for FY 2019 to €33.1 million from our previous forecast of €31.9 million, and enhanced the profitability forecasts of subsequent years in our valuation, leading to a revision of our price target. O

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