1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
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.
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.
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