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 (AIA) reported a strong 1H24 result, more than doubling the prior year NPAT, reflective of the recovery in international air travel and materially higher aeronautical prices.</li><li>However, earnings growth should slow markedly over the next 12 months as the passenger (pax) recovery has stalled, and the costs associated with its major capex programmes hit the profit and loss account as assets are commissioned. </li><li>Capex spend is at elevated levels and will remain elevated for the next few years. A capital raise is still possible, given a likely breach of S&amp;P credit metrics over the medium term, but would be well supported. </li></ul>

Auckland Airport (AIA) reported a strong 1H24 result, more than doubling the prior year NPAT, reflective of the recovery in international air travel and materially higher aeronautical prices.However, earnings growth should slow markedly over the next 12 months as the passenger (pax) recovery has stalled, and the costs associated with its major capex programmes hit the profit and loss account as assets are commissioned. Capex spend is at elevated levels and will remain elevated for the next few years. A capital raise is still possible, given a likely breach of S&amp;P credit metrics over the medium term, but would be well supported. 

Auckland Airport - 1H24 — Ascending into Regulatory Clouds

Auckland Intl Airport

Auckland Airport - 1H24 — Ascending into Regulatory Clouds