Sydney Airport’s Full-Year Result in Line With Expectations; Shares Slightly Undervalued
Narrow-moat Sydney Airport’s full-year results tracked our expectations, and we’re maintaining our AUD 6.50 fair value estimate. Traffic growth for the year benefited from newly commenced flights and a full year of domestic terminal 3 ownership (acquired from Qantas in August 2015), with international passenger traffic climbing a strong 9% and domestic traffic increasing about 4%, both in line with our forecast. We expect some slowing in 2017 as the firm laps these results, but Sydney remains an...Sydney Airport's principal activity is the ownership of Sydney Airport.
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