Forum Archive Index - June 2002

["ryanrite" <ryanrite@xtra.co.nz>]

Makes the council look sick selling out cheap for a quick buck??

Also remember 50c a share coming back
At these prices I have been a buyer

A R

----- Original Message -----

From: winner69 .

To: sharechat@sharechat.co.nz

Sent: Tuesday, June 25, 2002 8:17 PM

Subject: [sharechat] AIA - based on Sydney sale AIA worth $6.16

So Macquarie is paying A$5.396 billion for Sydney Airport - and a bit extra for the Ansett terminal.

This is 17 times this years expected EBITDA.this year. Compared to recent sales of Melbourne, Brisbane and Perth at multiplies of 14, 17 and 19 respectively.

Same multiple as this Sydney sale values Auckland (AIA) at sbout NZ$2.6 billion - this is $6.16 a share.

Even at 14 times EBITDA (what was paid for Melbourne) the value is $5.10 a share

Makes todays price look a bargain - in spite of some uncertainity over the council sale of their shares

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