Sydney Airport's debt to shareholders

Australia's largest airport has provided many blessings to its investors over the years, but it is also, quite literally, in their debt.

Sydney Airport is a bit of a darling at Intelligent Investor. We’ve had on-again, off-again buy recommendations on the stock going back all the way to 2002, when it first listed at $1. Yet judging by its financial ratios alone, no-one in their right mind would look twice – or even once – at Australia’s largest airport. The stock has a debt-equity ratio of 476%, earnings per share are lower than dividends and the company sports a price-earnings ratio of 209. Looks, however, can be deceiving.


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