BARRA

International PAX is the heartbeat of SYD.
The falling AUD and rising Asian middle class will ensure more internationals in SYD.

Also a very significant agreement with International Airlines re landing charges......
From Macquarie:

Action and recommendation
We have lifted our valuation to $5.35ps from $5.15ps. Our target price has increased from $5.36 to $5.54. With a TSR of +17%, we have lifted our recommendation to Outperform. The chill wind of bonds selling off has hampered performance however this certainty from the agreement, the ability to invest capital in T3, new jetbase and 2nd airport and finally benefits from rolling the debt portfolio create a strong cashflow outlook.