Light-handed regulation and a regional monopoly make Sydney Airport an attractive asset.
We’re reiterating our narrow moat rating, medium uncertainty rating, and AUD 6.50 fair value estimate for Sydney Airport after transferring coverage to a new analyst. Our operating assumptions remain largely unchanged. We still forecast international passenger growth of 9% in calendar 2016 and 4% in 2017, and we retain our long-run forecast of 4%. For domestic passengers, we forecast growth of 4.0% in 2016 and 2% in 2017, and we retain our long-run average of 2.5%. Moreover, retail operations ar...Sydney Airport's principal activity is the ownership of Sydney Airport.
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