Sydney Airport’s Profitability Expansion Held on the Tarmac, but Our FVE Remains
Narrow-moat Sydney Airport’s full-year 2017 revenue continued to climb at a high-single-digit pace, in line with our forecast, owing to strong growth in international passengers and double-digit retail sales gains. Profitability was a bit weaker than we anticipated, with underlying EBITDA margins flat at about 81%, trailing our full-year 82% forecast. However, we expect long-term margin improvement, as the airport enjoys continued international passenger traffic growth, climbing retail sales, an...
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