Sydney Airport Flying High in 1H, but Slower Long-Term Trajectory Remains; Security Fairly Valued
We’ve lifted our near-term forecasts for narrow-moat Sydney Airport following first-half fiscal 2017 results to account for solid international passenger growth, which offset weaker domestic traffic gains. We now forecast full-year revenue climbing about 9%, versus 7% previously, given both the higher per-passenger landing charge and increased retail spending associated with international traffic. And while the airport’s EBITDA margins, at about 81% in the half, are tracking our full-year 82% fo...Sydney Airport's principal activity is the ownership of Sydney Airport.
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