Auckland Airport’s Regulator Push Back Immaterial to Overall Earnings; Shares Fairly Valued
We maintain our NZD 7.40 (AUD 6.90) per share fair value estimate for wide-moat Auckland Airport, despite continued pushback from its regulator, New Zealand’s Commerce Commission, or ComCom, on the airport’s proposed per-passenger fee pricing. As originally signalled in its April 2018 draft report, the ComCom continues to opine Auckland Airport’s proposed return on aeronautical assets in the fiscal 2018 through 2022 period is unjustifiably high. Auckland has targeted a return of 7.06%, slightly ...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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