Auckland Airport’s rising tide

A wealthier world and cheaper travel has set this asset up for decades of growth. But what’s it worth?

As far as businesses go, you don’t get much simpler than Auckland International Airport. The company owns a long strip of concrete and a few adjacent buildings. It then charges airlines to land on the concrete and hawks whatever it can to their passengers as they scurry through the buildings, trying to get away.

What’s more, unless you’re a bird, the only way you’re flying in or out of Auckland is via this strip of concrete – it’s a monopoly.

Passenger growth will continue

Fixed costs enhance operating leverage

No margin of safety; Sell


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