Transfer of Analyst Coverage; Fair Value Estimates and Forecasts Unchanged
We are transferring coverage of Sydney Airport. At this stage, we reaffirm our current forecasts, our DCF-based fair value estimate of AUD 6.50 per security, and our narrow moat and medium uncertainty ratings. At the current security price, Sydney Airport trades in line with fair value. Security prices of yield stocks such as Sydney Airport will likely come under pressure in a rising bond yield environment, increasing the importance of fair value estimates that reflect long-term intrinsic value....Sydney Airport's principal activity is the ownership of Sydney Airport.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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