AU : Sydney Airport - Domestic on the recovery path

Domestic pax is strengthening, with positive forward indications from domestic carriers. Timing of recovery of the more valuable international pax is uncertain. Forecast changes and valuation roll-forward lift our 12 month Target Price by 17 cps to $7.03ps. ADD retained, given 12 month potential TSR of c.17% and 5yr IRR of c.9% pa. In the next 12 months we expect line-of-sight to re-commencement of distributions, benefitting the share price as income-oriented investors return to the stock.

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