Sydney Airport Enjoys Continued Strong Passenger Traffic Gains, but Shares Look Overvalued
Sydney Airport’s May passenger traffic tracks our full-year expectations, and we maintain our AUD 6.50 fair value estimate. We expect further low-single-digit annual passenger growth for the foreseeable future, which should underpin continued mid-single-digit top-line growth and profitability expansion. But we caution shares now look overvalued at current levels.We continue to forecast 4% growth in international passengers and 2% gains for domestic traffic for the full year, giving rise to a b...
Sydney Airport's principal activity is the ownership of Sydney Airport.
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