Auckland Airport Facing Slowing Passenger Growth, but Improved Retail Results; Shares Fairly Valued
First-half results for wide-moat Auckland Airport were in line our full-year projections, with underlying NPAT up 3% to NZD 137 million. Traffic growth moderated but retail revenue climbed rapidly on the back of newly opened stores and restaurants in the airport. Profitability should expand markedly in the second half of fiscal 2019, and the company remains on track to hit unchanged full-year NPAT guidance of NZD 265 million to NZD 275 million. We forecast NZD 275 million, representing growth of...Auckland International Airport provides airport facilities and supporting infrastructure in Auckland, New Zealand. Co. and its subsidiaries have three reportable segments: Aeronautical, which provides services that facilitate the movement of aircraft, passengers and cargo, and provides utility services that support the airport; Retail, which provides services to the retailers within the terminals and provides car parking facilities for airport staff, visitors and passengers; and Property, which is engaged in the rental of space on airport land outside the terminals including cargo buildings, hangars and stand-alone investment properties.
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