Ann: Sydney Airport Traffic Performance February 2020, page-182

Prior Covid-19 is the key term there.

That is history. Comparison to the risk free rate is irrelevant when there is zero income to speak of.

And let’s not start a discussion about how Mac Bamk cleverly engineered cashflow and dividends to flow from their entire stable that NEVER accurately reflected the actual income being generated in order to make their funds seem superior on a comparative basis.

SYD spent years telling its investors the dividends were slowly moving closer to reflect actual profits rather than being financially engineered.

10x