Why?, page-21

Remember the airport gets $1.6+B in revenue, has $0.9B finance payments (at below avg historical rates), has about $0.25B of operating costs and not much more in capital outlay. The PE ratio would be lucky to be 30 at current prices and last year's traffic+costs. It's a financially engineered product of Macquarie Bank, so you sort of have to appreciate that. Fundamentally it's now very geared to the world economy and international travel dynamics. I got out, did well out of it, but it's rather interesting, and the extra variable of Badgerys Ck aerotropolis really ups the stakes. That might end up being a niche night time freight and passenger operation at best. They need a button below for "former sentimental holder".