Yeah who knows how long the disruptions will last? Especially...

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.