New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Auckland Airport (AIA) has underperformed the NZX50 over the past 10 years, in part due to the foregone earnings through COVID and the need for new capital, but also in part due to slowing pax growth, falling commercial yields, and higher bond rates.</li><li>This provides a degree of certainty over AIA’s strong EBITDA-growth outlook through to FY32, the end of its next five-year pricing window, PSE5.</li><li>While we have a positive view of AIA’s share-price performance over the medium term, as PSE5 earnings are increasingly factored into relative multiples, there is insufficient valuation appeal on a 12-month horizon.</li></ul>

Auckland Airport (AIA) has underperformed the NZX50 over the past 10 years, in part due to the foregone earnings through COVID and the need for new capital, but also in part due to slowing pax growth, falling commercial yields, and higher bond rates.This provides a degree of certainty over AIA’s strong EBITDA-growth outlook through to FY32, the end of its next five-year pricing window, PSE5.While we have a positive view of AIA’s share-price performance over the medium term, as PSE5 earnings are increasingly factored into relative multiples, there is insufficient valuation appeal on a 12-month horizon.

Auckland Airport Aero Flight Path Clearer

Auckland Intl Airport

Auckland Airport Aero Flight Path Clearer