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“We have reviewed our valuation and we maintain our Hold recommendation on Malta International Airport plc, with an updated 12-month price target of €7.18 from our previous target of €6.40. Following the recent news of Ryanair’s founding of Malta Air and the subsequent anticipated investment by Ryanair to increase its Malta based aircraft fleet to 10 aircraft from its current 6 aircraft, we increased the terminal growth to 3% from the previously implemented growth rate of 2.5%. The masterplan could potentially increase MIA’s profitability however, given that a major part of this investment is anticipated to be completed in 2025, we have opted to value this investment separately. Consequently, we are of the opinion that the current price captures the foreseeable future growth. Despite the downside to our price target, we are maintaining our Hold recommendation as our model does not fully capture the potential growth that could be brought about by Ryanair’s substantial in

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