Sydney Airport’s Traffic Slows in First Quarter, as Expected; Shares Fairly Valued
We maintain our AUD 6.50 fair value estimate for narrow-moat Sydney Airport following slowing first-quarter traffic growth. We had previously noted that the company would likely see lower traffic growth in 2017 as it faced difficult comparisons from airlines launching several new international routes in 2016, and this forecast began to play out in the period. That said, the firm is on track to meet our full-year expectations, and we believe the security remains fairly valued.We forecast 4% grow...
Sydney Airport's principal activity is the ownership of Sydney Airport.
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