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

Auckland International Airport / Equity Bottom-Up

<ul><li>Auckland Airport's regulatory environment is currently experiencing significant uncertainty, with potential government changes via the Commerce Act review that may negatively impact AIA.</li><li>The possibility of a hybrid till and its financial implications are explored, with a 10% cross-subsidisation of commercial revenue potentially lowering AIA's implied valuation by 11%.</li><li>While the regulatory noise is expected to continue in the near term, the chances of a hybrid till being implemented are considered very low at this stage.</li></ul>

Auckland Airport's regulatory environment is currently experiencing significant uncertainty, with potential government changes via the Commerce Act review that may negatively impact AIA.The possibility of a hybrid till and its financial implications are explored, with a 10% cross-subsidisation of commercial revenue potentially lowering AIA's implied valuation by 11%.While the regulatory noise is expected to continue in the near term, the chances of a hybrid till being implemented are considered very low at this stage.

Auckland International Airport

Auckland Airport Hybrid Till—What If?