You can detach the two. Syd airport is a monopoly: classed as infrastructure: not much innovation required. Syd AP is a price maker (eg parking fees). The airline business is a price taker.....brutally competitive with razor margins. Sydney airport will always be there.......airlines come and go (Ansett, Compass, Air Australia.....and maybe Virgin).
SYD Price at posting:
$6.11 Sentiment: Buy Disclosure: Held