For airline investors, one of the world’s biggest double-decker jumbo jets is about to emerge from its hangar.
Emirates, traditionally the largest carrier by international traffic and home to the biggest fleets of Airbus SE A380 and Boeing Co. 777 aircraft, may list shares on the stock exchange of its home city, Dubai, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV this week.
That would be a revolution as dramatic as the 2019 initial public offering of Saudi Arabian Oil Co. was for energy investors. By revenue, Emirates would rank ahead of any airline outside Europe and the U.S. as a top-10 global carrier. The $5.5 billion in net assets on its balance sheet is worth nearly as much as all the shareholder equity in the six biggest full-service airlines in the U.S. and Europe, plus Southwest Airlines Co. — put together. On typical airline multiples, even Emirates’ $25 billion in net debts should leave it as a $10 billion company when operating in normal times.
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