As Anticipated, Sydney Airport Passes on Western Sydney; FVE Unchanged
Narrow moat-rated Sydney Airport has announced it will pass on building the planned Western Sydney airport, scheduled to open in 2026. We maintain our $6.50 fair value estimate, as we had already assumed the firm would not emerge as the concession owner.The near-term impact to Sydney Airport's decision is minimal. The Western Sydney airport isn’t slated to open for 10 years, with another five to 10 years required to ramp up to a 10 million passenger capacity. At that point, we anticipate Wester...
Sydney Airport's principal activity is the ownership of Sydney Airport.
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