Report
Adam Fleck
EUR 100.00 For Business Accounts Only

March-Ending Traffic at Sydney and Auckland Airports Shows Considerable Weakness; Shares Overvalued

Publicly traded Australasian airports saw continued traffic challenges in the first calendar quarter of 2019, highlighted by declines in movements to and from China and weak domestic Australian performance. We continue to think both wide-moat Auckland Airport and narrow-moat Sydney Airport enjoy long-term competitive advantages, but see no margin of safety to account for near-term risk at current prices. We maintain our AUD 7.30 fair value estimate for Sydney and NZD 7.40 (AUD 7.00) estimate for...
Underlying
Auckland International Airport Limited

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Adam Fleck

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