Yeah who knows how long the disruptions will last? Especially when many other economies are not tackling the situation as pro-actively as Australia is.
If it is going to be years, then several other factors could be impacting the sp valuation negatively by that time - interest rates might be rising, or expected to be, the second airport in Sydney could be well under way. Given these additional risks to future valuations, I'm skeptical about paying a forward PE on FY22 earnings of ~35x. While some may still find that price level attractive, I'm seeing a 3% annual return on an investment today, only beginning in 2 years, as a best case scenario, against the risk of capital losses. I'm not averse to risk, but I'm looking for greater upsides.
SYD Price at posting:
$5.44 Sentiment: None Disclosure: Not Held