For comparison:
LLAOL (LTN's operator) declared EBITDA profit of £35.1m in 2011. This is after paying Luton Borough Council around £3 per passenger under its licensing agreement (the airport freehold is owned by the Council), or around £25m.
Thus the equivalent profit emanating from Luton is just over £60m, on 8.5 million passengers, or around £7 per passenger. The only borrowings/depreciation relate to plant, machinery, buildings and constructions.
STN has just been sold for an amount that implies an EBITDA of £96.1m, on 17.416 million passengers, or around £5.50 per passenger. It is carrying an enterprise capital employed of £1,500,000,000.
No wonder BAA didn't take long to accept MAG's bid!