New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Auckland Airport (AIA) has confirmed the go-ahead for construction of an integrated domestic terminal having completed a more than decade long consultation process with airlines</li><li>As a result and in addition to other aeronautical projects the company now expects to spend ~NZ$3.9bn over the next five to six years.</li><li>In addition AIA will also allocate capex on non-aeronautical activities including investment property development meaning total annual capex averaging  NZ$800m-NZ$900m over the medium term.</li></ul>

Auckland Airport (AIA) has confirmed the go-ahead for construction of an integrated domestic terminal having completed a more than decade long consultation process with airlinesAs a result and in addition to other aeronautical projects the company now expects to spend ~NZ$3.9bn over the next five to six years.In addition AIA will also allocate capex on non-aeronautical activities including investment property development meaning total annual capex averaging  NZ$800m-NZ$900m over the medium term.

Auckland Airport: New Domestic Terminal Confirmed

<ul><li>Auckland Airport (AIA) has reported its first underlying post-tax profit since 2H20.</li><li>Underlying NPAT of NZ$68m was ahead of market expectations and the company has upgraded full year earnings guidance</li><li>FY23 NPAT guidance has been raised from NZ$100m-NZ$130m to NZ$125m-NZ$145m, which compares to current market consensus of NZ$124m.</li></ul>

Auckland Airport (AIA) has reported its first underlying post-tax profit since 2H20.Underlying NPAT of NZ$68m was ahead of market expectations and the company has upgraded full year earnings guidanceFY23 NPAT guidance has been raised from NZ$100m-NZ$130m to NZ$125m-NZ$145m, which compares to current market consensus of NZ$124m.

Auckland Airport: 1H23 Result Initial Thoughts

<ul><li>Aviation recovery in full flight: AIA's international seat capacity had returned to 69% of pre-COVID capacity by December 2022</li><li>Inflationary impact on opex and capex: Despite lowering its FY23 capex guidance, management increased its longer term annual aeronautical capex guidance by +NZ$100m to NZ$600m; this will assist its regulatory asset base (RAB) and its mid-year aeronautical price reset</li><li>Property momentum continues: Property development revenue increased +19% against the prior year as rental increases more than offset the impact of a fair value hit given cap rate pressure</li></ul>

Aviation recovery in full flight: AIA's international seat capacity had returned to 69% of pre-COVID capacity by December 2022Inflationary impact on opex and capex: Despite lowering its FY23 capex guidance, management increased its longer term annual aeronautical capex guidance by +NZ$100m to NZ$600m; this will assist its regulatory asset base (RAB) and its mid-year aeronautical price resetProperty momentum continues: Property development revenue increased +19% against the prior year as rental increases more than offset the impact of a fair value hit given cap rate pressure

Auckland Airport: 1H23 — Profits Taking-Off After Long Layover

<ul><li>Auckland Airport (AIA) will report a robust profit recovery in its 1H23 result, due on 23 February 2023.</li><li>We expect underlying NPAT of NZ$59m, up from a prior year loss.</li><li>We don't expect the result to be pivotal from a valuation perspective as AIA's full financial recovery will play out over the medium term.</li></ul>

Auckland Airport (AIA) will report a robust profit recovery in its 1H23 result, due on 23 February 2023.We expect underlying NPAT of NZ$59m, up from a prior year loss.We don't expect the result to be pivotal from a valuation perspective as AIA's full financial recovery will play out over the medium term.

Auckland Airport: 1H23 Preview — On Runway to Recovery

<ul><li>Inflation premium on valuation: Our analysis of both AIA and global infrastructure suggests inflation is boosting their relative attractiveness</li><li>Conservative bias in our relative valuation analysis, yet AIA still appears expensive</li><li>Upcoming catalysts: There are several events that could impact AIA over the next 12 months</li></ul>

Inflation premium on valuation: Our analysis of both AIA and global infrastructure suggests inflation is boosting their relative attractivenessConservative bias in our relative valuation analysis, yet AIA still appears expensiveUpcoming catalysts: There are several events that could impact AIA over the next 12 months

Auckland Airport: Inflation Tends to Make Things More Expensive

New Zealand

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

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Auckland Intl Airport (AIA NZ)

Auckland Airport: New Domestic Terminal Confirmed

Auckland Airport (AIA) has confirmed the go-ahead for construction of an integrated domestic terminal having completed a more than decade long...

Forsyth Barr

Auckland Airport: 1H23 Result Initial Thoughts

Auckland Airport (AIA) has reported its first underlying post-tax profit since 2H20 and underlying NPAT of NZ$68m was ahead of market expectations...

Forsyth Barr

Auckland Airport: 1H23 — Profits Taking-Off After Long Layover

Auckland Airport (AIA) reported a strong rebound in profitability, above market expectations, and lifted full year guidance at its 1H23 result; the...

Forsyth Barr

Auckland Airport: 1H23 Preview — On Runway to Recovery

Auckland Airport (AIA) will report a robust profit recovery in its 1H23 result, due on 23 February 2023: We expect underlying NPAT of NZ$59m, up...

Forsyth Barr

Auckland Airport: Inflation Tends to Make Things More Expensive

We've scratched our heads many times over the years to understand Auckland Airport's (AIA) high valuation multiple backdrop; our analysis this time...

Forsyth Barr

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