AUCKLAND INTERNATIONAL AIRPORT LIMITED (AIA)
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AIA - AUCKLAND INTERNATIONAL AIRPORT LIMITED

FNArena Sector : Infrastructure & Utilities

Year End: June

GICS Industry Group : Transportation

Debt/EBITDA: 4.26

Index: ASX200 | ASX300 | ALL-ORDS

Auckland International Airport Ltd was formed in 1988 when the NZ government privatised the airport. The company is listed on both the ASX and NZX.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$7.42 17 Dec 2024	0.120 OPEN $7.30	1.64% HIGH $7.48	1,242,007 LOW $7.29

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$7.42

17 Dec
2024

0.120

OPEN

$7.30

1.64%

HIGH

$7.48

1,242,007

LOW

$7.29

OTHER COMPANIES IN THE SAME SECTOR
AGL . ALX . APA . CEN . DBI . DBI . GNE . GNP . MEZ . ORG . SRJ . TCL .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	18.1	xxx
DPS (cps)	13.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	41.3	xxx
Dividend Yield	1.7%	xxx
Div Pay Ratio(%)	72.1%	xxx

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	17.9	xxx
DPS (cps)	12.9	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	41.7	xxx
Dividend Yield	1.7%	xxx
Div Pay Ratio(%)	72.1%	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	0.4	19.7	xxx
DPS (cps)	xxx	6.5	14.2	xxx
EPS Growth	xxx	- 87.2%	100.0%	xxx
DPS Growth	xxx	62.5%	100.0%	xxx
Div Pay Ratio(%)	xxx	1756.8%	72.1%	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 0.84%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 18/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2024 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	0.4
DPS All	xxx	xxx	xxx	xxx	xxx	14.4
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	822.5 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	531.0
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	415.9 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	0.62 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	0.07 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	0.05 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.05 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	0.07 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.25 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-460.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	257 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	2,193 M
Total Debt	xxx	xxx	xxx	xxx	xxx	2,450 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	202 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.31

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	783.7 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	95.29 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	371 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	33 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	3,064 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.7

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Citi	xx/xx/xxxx	1	xxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	28/10/2024	1	Outperform	-	-	Auckland International Airport reiterated FY25 guidance at the ASM which is viewed as disappointing by Macquarie. The broker was anticipating an upgrade post the estimated NZ$30m kicker for net profit after tax from the equity raising. Management highlighted ongoing headwinds in passenger volumes returning to pre-covid levels, particularly domestically, and has retained a cautious stance on a 6-12-month outlook. Macquarie lowers EPS forecasts by -5% in FY25 and -2% in FY26 because of higher depreciation charges on timing of capital projects and lower passengers. Outperform rating with a NZ$9.11 target price, down from NZ$9.30. FORECAST Macquarie forecasts a full year FY25 dividend of 12.57 cents and EPS of 17.80 cents. Macquarie forecasts a full year FY26 dividend of 14.96 cents and EPS of 21.20 cents.
Morgan Stanley	xx/xx/xxxx	3	xxxxx-xxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Citi

xx/xx/xxxx

xxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

28/10/2024

Outperform

Auckland International Airport reiterated FY25 guidance at the ASM which is viewed as disappointing by Macquarie. The broker was anticipating an upgrade post the estimated NZ$30m kicker for net profit after tax from the equity raising.

Management highlighted ongoing headwinds in passenger volumes returning to pre-covid levels, particularly domestically, and has retained a cautious stance on a 6-12-month outlook.

Macquarie lowers EPS forecasts by -5% in FY25 and -2% in FY26 because of higher depreciation charges on timing of capital projects and lower passengers.

Outperform rating with a NZ$9.11 target price, down from NZ$9.30.

FORECAST
Macquarie forecasts a full year FY25 dividend of 12.57 cents and EPS of 17.80 cents.
Macquarie forecasts a full year FY26 dividend of 14.96 cents and EPS of 21.20 cents.

Morgan Stanley

xx/xx/xxxx

xxxxx-xxxxxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	17/10/2024	2	Upgrade to Overweight from Neutral	-	-	Auckland International Airport has completed a NZ$1.4bn capital raising which Jarden views as sufficient to support the company's NZ$6.6bn planned aeronautical investment program and capex, with the NZ Commerce Commission's draft PSE4 pricing report also supportive. The company has signed an -NZ$800m contract for the development of the domestic jet terminal building as part of the NZ$2.2bn project. Jarden raises net profit forecasts by 8% to 12% for FY25 to FY27 on the back of lower interest expenses. EPS estimates are essentially unchanged for FY26/FY27. Rating is upgraded to Overweight from Neutral with a higher target price of NZ$7.79, up from NZ$7.59. FORECAST Jarden forecasts a full year FY25 dividend of 12.66 cents and EPS of 17.98 cents. Jarden forecasts a full year FY26 dividend of 14.68 cents and EPS of 21.11 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

17/10/2024

Upgrade to Overweight from Neutral

Auckland International Airport has completed a NZ$1.4bn capital raising which Jarden views as sufficient to support the company's NZ$6.6bn planned aeronautical investment program and capex, with the NZ Commerce Commission's draft PSE4 pricing report also supportive.

The company has signed an -NZ$800m contract for the development of the domestic jet terminal building as part of the NZ$2.2bn project.

Jarden raises net profit forecasts by 8% to 12% for FY25 to FY27 on the back of lower interest expenses. EPS estimates are essentially unchanged for FY26/FY27.

Rating is upgraded to Overweight from Neutral with a higher target price of NZ$7.79, up from NZ$7.59.

FORECAST
Jarden forecasts a full year FY25 dividend of 12.66 cents and EPS of 17.98 cents.
Jarden forecasts a full year FY26 dividend of 14.68 cents and EPS of 21.11 cents.

Access Extra Coverage Research History >

AIA STOCK CHART

FNArena News on AIA

1	Next Week At A Glance – 9-13 Dec 2024 Dec 06 2024 - Weekly Reports

2	Next Week At A Glance – 28 Oct -1 Nov 2024 Oct 25 2024 - Weekly Reports

3	In Case You Missed It – BC Extra Upgrades & Downgrades – 18-10-24 Oct 18 2024 - Weekly Reports

4	Australian Broker Call Extra Edition – Oct 17, 2024 Oct 17 2024 - Daily Market Reports

5	Rudi’s View: Market Reflects Risk & Opportunities Oct 09 2024 - Rudi's View

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Dividend Yield Today On Last Actual Payout :	0.79
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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AUCKLAND INTERNATIONAL AIRPORT LIMITED (AIA)
Share Price Analysis and Chart