Ann: Sydney Airport Traffic Performance May 2020, page-11

Good post. I agree its far from a blood on streets level yet, whereas it probably needs to be before you buy into this. My theory on the economy/chart is that we've had the dead cat bounce and now the worst is yet to come, probably Sept it will get ugly (think late March levels) and we then wont start to see a rebound until Feb 2021. There is much more downside that upside at this point. To correct one point, SYD had a great business model, i think it will be years before we return to the golden days of air travel and that has implications for its revenue streams (duty free, parking, retail). The other risk here that you need to factor in, is that the Virgin bondholders may upset the sale process with the travel industry teetering. If the Virgin sale fails, this will drop an extra $1 or 2.