BUZZ-Market overly concerned about NZ Auckland Airport's capex uptick, says Morningstar

Reuters

Jan 23, 2025

BUZZ-Market overly concerned about NZ Auckland Airport's capex uptick, says Morningstar

** Morningstar says the market is overly concerned about the massive uptick in planned capital expenditure of New Zealand's Auckland International Airport AIA.NZ

** Investment research firm upgrades fair value estimate to NZ$9.5, a 19% lift

** "(Lift in fair value estimate is) due to increasing the duration for which airport can maintain competitive advantage, smaller increases in retail and car park revenue, offset by lower aeronautical charges" — Morningstar

** New AIA projects include a new terminal, ground transport facility, car park extension and other airfield infrastructure

** Research firm estimates capex of NZ$7 bln ($3.97 bln) over five years to fiscal 2028 vs less than NZ$2 bln in the five years prior

** Stock marginally rose 0.3% so far this year as of last close, outperforming a 0.6% fall on the benchmark NZX 50 index .NZ50

($1 = 1.7646 New Zealand dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))

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concerned about the massive uptick in planned capital expenditure of New Zealand's Auckland International Airport AIA.NZ** Investment research firm upgrades fair value estimate to NZ$9.5, a 19% lift** \"(Lift in fair value estimate is) due to increasing the duration for which airport can maintain competitive advantage, smaller increases in retail and car park revenue, offset by lower aeronautical charges\" — Morningstar** New AIA projects include a new terminal, ground transport facility, car park extension and other airfield infrastructure** Research firm estimates capex of NZ$7 bln ($3.97 bln) over five years to fiscal 2028 vs less than NZ$2 bln in the five years prior** Stock marginally rose 0.3% so far this year as of last close, outperforming a 0.6% fall on the benchmark NZX 50 index .NZ50($1 = 1.7646 New Zealand dollars) (Reporting by Nikita Maria Jino in Bengaluru) 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