Auckland Airport’s Investor Day Supports Our Long-Term Optimism; Shares Remain Undervalued
Auckland Airport’s investor day highlighted the wide-moat company’s opportunities in retail and property development, two segments we expect to rise in contribution over the next five years. The firm also reiterated its positive outlook for the New Zealand travel market and the airport’s associated passenger landing fees--a view we share. We maintain our recently upgraded NZD 7.10 (AUD 6.40) fair value estimate. At the current market price, we see a decent margin of safety, owing to investors’ f...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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