Auckland International Airport Ltd

AIA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.40	Vptc	Gjldvmdv

Corporate Action: We Recommend Participating in Wide-Moat Auckland Airport’s SPP

Adam Fleck

Apr 7, 2020

The near-term operating environment for Auckland Airport has deteriorated over the past several weeks, with travel restrictions related to the COVID-19 pandemic driving a precipitous decline in passenger volumes. We again lower our fiscal 2020 traffic forecasts, to a 25% decline in fiscal 2020 from 15% previously, with a fall to nearly zero passengers from April to June 2020. We expect global travel to return to normal through 2021 and envision Auckland Airport traffic hitting fiscal 2019 levels in fiscal 2023, a year later than our prior assumption.

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