Sydney Airport’s New CEO Keeps the Firm On Track for Future Success; Shares Fairly Valued
Narrow-moat Sydney Airport’s new CEO appointment keeps the firm on track to meet our long-term forecasts. At the current market price, the security trades about 6% above our unchanged AUD 6.80 fair value estimate. The company had originally announced in March 2017 that current CEO Kerrie Mather would depart after heading the firm for 15 years. We expect the transition to new leader Geoff Culbert, currently the head of General Electric Australia, will prove relatively seamless given Mather will s...Sydney Airport's principal activity is the ownership of Sydney Airport.
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