Analyst Note
| Alexander Prineas |New Zealand will permit tourists and all visa categories into the country from August 1, 2022, the first time since the beginning of the pandemic in March 2020. The reopening schedule has been largely in line with our initial expectations, and we maintain our passenger forecasts for wide-moat Auckland Airport and our NZD 7.05 fair value estimate (AUD 6.60 for the Australian listing).