Auckland Airport’s Margin Takeoff Slightly Delayed, but Long-Term Improvement On Track
Wide-moat Auckland Airport enjoyed solid passenger traffic growth in first-half fiscal 2018, but saw continued choppiness in retail sales, owing to ongoing expansion and construction in the international terminal. Although the firm’s operating income is tracking slightly below our full-year forecast, we expect improvement in the second half from newly opened stores, while lower interest expenses should drive NPAT and dividend payments toward our projection. In all, the short-term investments bei...
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