Investing.com -- In a note on Monday, Goldman Sachs examined which European airports stand to gain the most from a broader "geopolitical reopening," casting a wider net than the Strait of Hormuz reopening narrative that currently dominates investor conversations.

Analyst Patrick Creuset said that based on recent investor conversations, the consensus focus has been on Strait of Hormuz reopening exposure, though he argued for a broader framework encompassing "a full recovery in Middle East, Russia, Ukraine and China traffic flows."

The firm stressed that it is not their base case and offered no specific timeline, describing it instead as "a useful exercise to gauge cyclical recovery potential by asset."

Fraport emerges as the airport with the highest direct traffic impact, with Goldman estimating a 7% uplift from full recovery, split evenly between Middle East and Russia exposure.

Zurich follows with a 5% potential uplift, while Aeroports de Paris would see a 4% impact and Spain's AENA only a minor effect.

Goldman noted that higher per-capita retail spending in these regions "would have a larger impact on airport retail earnings, with likely the largest impact for ADP."

Beyond the reopening theme, Goldman's stock-specific views remain mixed. The firm rates AENA a Sell, citing a "more difficult 5-10 year cycle" with capex guided to quadruple by 2031.

Fraport is rated Neutral, with Goldman flagging "suboptimal" capital allocation and a deteriorated traffic outlook, though it noted Fraport "would stand to benefit from SoH reopening."

Zurich was recently upgraded to Buy on strong traffic growth and falling investment levels, while ADP remains Neutral amid weak traffic and rising capex.