Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Afterpay Limited
  6. News
  7. Summary
    APT   AU000000APT1


End-of-day quote. End-of-day quote Australian Stock Exchange - 10/27
126.81 AUD   +0.13%
10/26Australian shares end flat as gold, energy stocks weigh
10/25Australia shares rise as tech stocks track Wall Street strength
10/24Mining and energy stocks push Australia shares higher
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Sydney Airport sale a step closer after improved $17.4 billion offer

09/13/2021 | 12:12am EDT
FILE PHOTO: People walk through the domestic terminal at Sydney Airport in Sydney, Australia

(Corrects typo in the dateline)

By Jamie Freed and Paulina Duran

SYDNEY (Reuters) -A sale of Australia's biggest airport moved closer on Monday as an infrastructure investor group won permission to conduct due diligence on Sydney Airport Holdings Pt Ltd, after sweetening its takeover offer to A$23.6 billion ($17.4 billion).

The move sent the airport's shares up 5%, with analysts saying a rival bid appeared unlikely given the scale of the funding needed and foreign ownership rules that mean the airport must remain 51% Australian owned.

"We assign a high probability of a deal succeeding given the board's commitment to unanimously recommend the (consortium's) offer if there is no alternative higher offer," Credit Suisse analysts said in a note.

Sydney Airport is Australia's only listed airport operator and a purchase would be a long-term bet on the travel sector which has been battered by the pandemic. The country plans to gradually open its borders once 80% of adults are fully vaccinated, a milestone expected by the end of the year.

A successful takeover would be among the largest buyouts ever of an Australian firm and underline a year of stellar deal activity, that has already seen a mega $29 billion buyout of Afterpay by Square.

The improved offer of A$8.75 a share - an increase of 3.6% - follows prior proposals from the consortium pitched at A$8.45 and A$8.25, both of which were rejected by the airport operator's board as inadequate.

Sydney Airport shares were trading at A$8.40 on Monday morning, below the offer price, due to the length of the time the transaction will take to complete as well as the limited prospects for a rival bid.

"An alternative bidder appears highly unlikely," Jefferies analyst Anthony Moulder said in a note to clients.

The bidding consortium, Sydney Aviation Alliance (SAA), is comprised of Australian investors IFM Investors, QSuper and AustralianSuper and U.S.-based Global Infrastructure Partners.

Record-low interest rates have prompted pension funds and their investment managers to chase higher yields. Australia's other major airports are unlisted and owned by pension funds and infrastructure investors.

SAA has been granted non-exclusive due diligence that is expected to take four weeks after signing a non-disclosure agreement, Sydney Airport said.

If SAA makes an acceptable binding proposal, the current intention is for the board to recommend it in the absence of a superior offer, the airport operator added.

UniSuper, Sydney Airport's biggest shareholder with a 15.3% stake, said it was open to rolling that equity into an investment in the privatised company, as required as part of the bid conditions.

"The price represents a very full valuation for the airport, particularly given the uncertain medium-term outlook for international travel," UniSuper Chief Investment Officer John Pearce said in a statement.

The deal will require an independent expert's report, approval from 75% of shareholders and a green light from the competition regulator and the Foreign Investment Review Board, in a process that typically takes months to complete.

Jamie Hanna, deputy head of investments at VanEck, said he believed SAA would consider increasing its bid after examining the airport's books given the improving travel outlook.

An SAA spokesperson said the consortium welcomed the announcement and looked forward to working with Sydney Airport's board to finalise the transaction.

($1 = 1.3587 Australian dollars)

(Reporting by Jamie Freed and Paulina Duran; editing by Diane Craft and Richard Pullin)

ę Reuters 2021
10/26Australian shares end flat as gold, energy stocks weigh
10/25Australia shares rise as tech stocks track Wall Street strength
10/24Mining and energy stocks push Australia shares higher
10/22Australia's central bank tells 'buy now, pay later' firms to drop surcharge ban
10/21Australia's Central Bank Wants BNPL Firms to Scrap No-Surcharge Rules -- Update
10/20AFTERPAY : Westpac to launch zero-interest digital card with young consumers in focus
10/19Miners lift Australian shares higher; BHP sweetens Noront bid
10/19Australian shares fall slightly as BHP leads miners lower
10/18SQUARE : Heads Into Q3 Print With Cash App Slowdown Curbing Upside Amid 'Subdued' Expectat..
10/14Australia shares snap 3-day losing streak; South32 jumps on copper bet
More news
Sales 2022 1 481 M 1 112 M 1 112 M
Net income 2022 -30,8 M -23,1 M -23,1 M
Net Debt 2022 646 M 485 M 485 M
P/E ratio 2022 -3 011x
Yield 2022 -
Capitalization 36 809 M 27 653 M 27 642 M
EV / Sales 2022 25,3x
EV / Sales 2023 16,8x
Nbr of Employees 1 300
Free-Float 77,7%
Duration : Period :
Afterpay Limited Technical Analysis Chart | APT | AU000000APT1 | MarketScreener
Technical analysis trends AFTERPAY LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 126,81 AUD
Average target price 132,91 AUD
Spread / Average Target 4,81%
EPS Revisions
Managers and Directors
Anthony Mathew Eisen Co-CEO, Executive Director & Managing Director
Nicholas David Molnar Co-CEO, Executive Director & Managing Director
Rebecca Lowde Chief Financial Officer
Elana Rubin Independent Chairman
Dana Stalder Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
SQUARE, INC.16.26%116 844
FISERV, INC.-3.53%65 446
NEXI S.P.A0.61%19 811