Stocks Down Under 23 June 2020: Auckland International Airport, Accent Group, Ridley Corporation
Auckland International Airport: Valuation flying too high
The Coronavirus Crisis was not a good time to be holding airport stocks. Early in the crisis flights to and from China were disrupted and before we knew it, almost the whole world had stopped flying. For Auckland International Airport the impact was dramatic in share price terms. Between the 4 September 2019 peak and the 19 March Corona Crash low, Auckland Airport stock on ASX came down 51% as against the 27% fall for the S&P/ASX200. However, with New Zealand now through the crisis and working towards a full re-opening, the stock has re-rated. We believe a little bit too hard, though.
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