Despite Slowing Top-Line Growth, Sydney Airport's Narrow Moat Remains Intact
Narrow-moat Sydney Airport’s 2018 passenger traffic reflected further domestic slowdown, but solid international growth, continuing the trends seen in recent quarters and largely tracking our expectations. Full-year international passenger growth of 4.7% was ahead of our 4.0% forecast, offset by domestic traffic growth of 1.2% which slightly trailed our 2.0% projection. Total traffic grew by 2.5% versus 2017, close to our 2.7% target. We expect international traffic growth to decelerate in comin...Sydney Airport's principal activity is the ownership of Sydney Airport.
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