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>Regulatory risk for Auckland Airport has increased due to a Ministry of Business, Innovation and Employment review of the Commerce Act and stakeholder engagement on the effectiveness of the current Information Disclosure regime for airports.</li><li>The worst-case scenario for Auckland Airport is a potential change to its dual till regulatory model, which could reduce robust returns from its commercial operations.</li><li>Despite the increased regulatory risk, material changes to the current Information Disclosure regime are considered unlikely, but Auckland Airport's current valuation multiples do not account for potential negative regulatory outcomes.</li></ul>

Regulatory risk for Auckland Airport has increased due to a Ministry of Business, Innovation and Employment review of the Commerce Act and stakeholder engagement on the effectiveness of the current Information Disclosure regime for airports.The worst-case scenario for Auckland Airport is a potential change to its dual till regulatory model, which could reduce robust returns from its commercial operations.Despite the increased regulatory risk, material changes to the current Information Disclosure regime are considered unlikely, but Auckland Airport's current valuation multiples do not account for potential negative regulatory outcomes.

Auckland Airport - Regulatory Risk Reappears