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