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.

Auckland Airport Placement - Well Flagged, LO Support but Still a Bit Tricky

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Auckland Airport (AIA) reported a strong bounce-back in post-COVID profitability in FY23, exceeding the top end of management's guidance band and our estimates, but the forward earnings track is lower than anticipated.</li><li>The passenger (pax) recovery is in full swing and will be boosted by higher aeronautical charges in FY24, partially offset by continued high cost inflation.</li><li> AIA's balance sheet is changing, with record capex in FY23 to be materially exceeded in FY24. </li></ul>

Auckland Airport (AIA) reported a strong bounce-back in post-COVID profitability in FY23, exceeding the top end of management's guidance band and our estimates, but the forward earnings track is lower than anticipated.The passenger (pax) recovery is in full swing and will be boosted by higher aeronautical charges in FY24, partially offset by continued high cost inflation. AIA's balance sheet is changing, with record capex in FY23 to be materially exceeded in FY24. 

Auckland Airport - FY23 — The Capex and Opex Show

Auckland Intl Airport

Auckland Airport - FY23 — The Capex and Opex Show