1-Star Price
INVESTOR
5-Star Price
INVESTOR
Economic Moat
INVESTOR
Capital Allocation
INVESTOR
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).
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.
