Sydney Airport has carved a narrow economic moat and is an attractive asset.
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...
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