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Auckland International Airport Ltd AIA

Rating as of

Morningstar’s Analysis

Valuation
Currency in NZD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Huge Bid for Sydney Rival, but Auckland International Airport Shrugs; FVE Up 6% to NZD 6.90

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

We increase our fair value estimate for wide-moat Auckland Airport by 6% to NZD 6.90, as we factor in cheap debt locked in, marginally upgraded international passenger forecasts, and time value of money. Our valuation for the Australian listing increases to AUD 6.45, up from 6.00.

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Company Profile

Business Description

Auckland Airport is New Zealand's largest airport, handling 21 million passenger movements in fiscal 2019, approximately 70% of the country's international visitors. It owns 1,500 hectares of land, and hosts ancillary commercial services, including retail and duty-free, car parking, hotels, warehouses, and offices. Substantial development opportunities could bring its capacity up to nearly 26 million passenger movements per year anticipated by 2026, as well as adding capacity in the ancillary services offered. It also has a minority stake in the small but fast growing Queenstown airport on New Zealand’s south island.

Contact
4 Leonard Isitt Drive, Auckland Airport Business District
Manukau, 2150, New Zealand
T +64 92750789
Sector Industrials
Industry Airports & Air Services
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 300

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