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Company Information

Company at a Glance

Industry:
Transportation Infrastructure
Fiscal Year-End:
n/a NaN

Company Overview

MAp (MAP) is one of the largest private airport owners and operators globally. Formerly Macquarie Airports, MAp listed on the ASX in April 2002 and following the successful internalisation of its management in October 2009, MAp is no longer part of Macquarie Capital's listed funds. MAp currently holds investments in Sydney Airport, Brussels Airport and Copenhagen Airports. MAp is a triple stapled security consisting of a unit in MAp Airports Trust 1 (MAT 1); a unit in MAp Airports Trust 2 (MAT 2); and a share in MAp Airports International Limited (MAIL).

Company History

MAP undertook an initial public offering in March 2002. MAP has quickly built up an attractive collection of airport assets around the world with major investments in five airports. In 2008, MAP reduced its investments in Brussels and Copenhagen. In 2H09 MAP sold down its interest in Japan Airport Terminal (JAT). In October 2009, shareholders approved the internalisation of management at a cost of $345M and a change in its name to MAp Airports Ltd.

Industries Of Operation

MAP actively manages airports with a focus on improving their operating performance, providing investors with a combination of capital growth and growing cash yields. MAP positions each airport business for sustainable long term growth and to deliver better service quality for passengers.

Differentiating Factor

MAP targets airports that either have strong growth opportunities or represent strong regional monopolies with limited future capex requirements. With all airports, MAP focuses on implementing non-aeronautical-related strategies to drive revenues and reduce operating costs. MAP has consistently grown revenues at a faster pace than the underlying passenger growth.

Major Customers & Competitors

Major customers are the airlines, as MAP is entirely dependent on maintaining high passenger volumes. In terms of competitors, airports are to some degree regional monopolies, with low levels of competition. However, competition can be quite intense for the lucrative low-cost carrier segment, which has a higher passenger density on-board.

Research provided by  

Market Statistics

Market Cap ($M):
5,509.2
Equiv. Shares (M):
1,861.2
% All Ords:
0.43
12Mth Range ($):
2.25 - 3.38
Turnover ($M pa):
3,382.0
Index:
S&P/ASX 100
Sector:
Industrials
Industry Group:
Transportation
Industry:
Transportation Infrastructure
Sub Industry:
Airport Services

Last 5 Market Sensitive Announcements

Date
Announcment
30-Jul-10 09:12
First Half 2010 Results for Brussels Airport
28-Jul-10 16:31
MAp considers equity offering of ASUR shares
23-Jul-10 08:32
First Half 2010 Results for Sydney Airport
29-Jun-10 08:43
Sydney Airport Medium Term Note (MTN) Issue
23-Jun-10 09:28
CPH agreement to divest its interest in ITA

Calendar Of Events

Date
Event
18-Aug-10
Dividend Date Payable for Final Year Result (11c 0% franked)
30-Jun-10
Dividend Record Date for Final Year Result (11c 0% franked)
24-Jun-10
Dividend Ex-Dividend Date for Final Year Result (11c 0% franked)
25-Feb-10
Reporting Date for Half Yearly Result
18-Feb-10
Dividend Date Payable for Half Yearly Result (8c % franked)

Directors

Name
Position
R Sheppard
Chairman
J Conyers
Independent Chairman
K Mather
Managing Director/Chief Executive Officer
T Gerber
Director
A Kahn
Director
N Moore
Director
G Osborne
Director
M Lee
Director
S Beesley
Non-Executive Director
J Roberts
Alternate Director
S Ward
Director

Management

Name
Position
K Mather
Chief Executive Officer
M Booth
Airports Director
D Luboff
CFO

Substantial Shareholders

Name
% Holding
Macquarie Group Limited
22.1
Westpac Bank
9.8
Capital Group Companies
8.9
Julius Baer Investment Management
7.2
Origin Energy
5.2

Consensus Recommendation Summary


0
0
5
2
4
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 11

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 14.1 12.5
EPS Growth (%)   -10.8
P/E Ratio (x) 21.0 23.6
P/E Rel. All Ords (x) 1.88 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 8 8

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  09A 09A 09A    
MAp Airports Limited 13.8 (203.0) 7.1 5,509.2 2.96 Out Perf.
Aust. Infrastructure Fund 5.1 (46.1) 9.6 1,117.3 1.80 Out Perf.
Southern Cross Airport Holdings n/a n/a n/a n/a n/a none

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