Auckland Airport’s Wide Moat and Attractive Valuation Makes it Our Preferred Pick Versus Sydney
We reiterate our narrow moat rating for Sydney Airport and wide moat rating for Auckland Airport. We believe both enjoy strong competitive advantages, but have greater confidence in the sustainability of Auckland’s excess economic profitability given its land ownership, lack of foreseeable competition, and track record as the main entrance point into New Zealand. Conversely, Sydney Airport will face competition from the new Western Sydney Airport that is slated to open in 2026, has ceded some in...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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