Auckland International Airport Ltd

AIA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.50	Mbg	Hkyrkrjqz

Auckland Airport’s FVE Lowered to NZD 7.00 Amid COVID-19 Outbreak but Fundamentals Remain Strong

Adam Fleck , Emma Williams

Mar 16, 2020

The COVID-19 pandemic is drastically dampening global air travel as people avoid flying or are restricted by government-imposed border controls. We have assessed our valuations for Auckland Airport and Sydney Airport amid the rapidly evolving global pandemic and have downgraded both stocks given their weaker short-term earnings outlook. However, we make minimal changes to our mid-cycle forecasts as we anticipate travel returning to normal by early calendar year 2021. We continue to expect growth in the Asian middle class to drive relatively strong passenger growth over the long term.

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