Auckland and Sydney Airports’ Slowing Passenger Traffic Not a Surprise; Shares Look Fairly Valued
Wide-moat Auckland Airport's fiscal 2018 passenger movements met our expectations, while narrow-moat Sydney Airport's traffic performance through the first six months of the year tracks our full calendar year forecast. As a reminder, Auckland's year-end is June, Sydney's is December. We maintain our NZD 7.20 (AUD 6.80) and AUD 7.20 fair value estimates for Auckland Airport and Sydney Airport, respectively. Shares in Auckland look more attractive, trading at a 7% discount to our valuation versus ...Sydney Airport's principal activity is the ownership of Sydney Airport.
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