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's (AIA) further regulatory disclosures following its recent aeronautical price setting event (PSE4 for FY23–FY27) suggest lower Commerce Commission (ComCom) related regulatory re-pricing risk and higher (lower return) regulatory capex over the medium to long-term.</li><li>However, in the short-term, our capex expectations modestly decrease, leading to a lower net debt track over the next few years, resulting in lower interest costs and a reduced likelihood of a capital raise. ​​​​</li><li>While we view the disclosure release as a small positive overall for AIA, we retain an UNDERPERFORM rating on valuation grounds. </li></ul>

Auckland Airport's (AIA) further regulatory disclosures following its recent aeronautical price setting event (PSE4 for FY23–FY27) suggest lower Commerce Commission (ComCom) related regulatory re-pricing risk and higher (lower return) regulatory capex over the medium to long-term.However, in the short-term, our capex expectations modestly decrease, leading to a lower net debt track over the next few years, resulting in lower interest costs and a reduced likelihood of a capital raise. ​​​​While we view the disclosure release as a small positive overall for AIA, we retain an UNDERPERFORM rating on valuation grounds. 

Auckland Airport - Reduced Regulatory Re-Pricing Risk

Auckland Intl Airport

Auckland Airport - Reduced Regulatory Re-Pricing Risk