Sydney Airport reported strong results as all segments positively contribute to yearly growth in revenue and EBITDA of 11% and 9.8% respectively. This result was again driven by international passenger growth (9.3% over the year) and an increase in capacity (predominantly Asian airlines). Overall, the group continues to benefit from increased tourism from Asia (Japan +26%, Philippines +24%, China +20%) as Sydney continues to increase in popularity as a key tourist, business and education destination. However, the group will always have a natural propensity for highly leveraged operations which makes it very vulnerable to global shocks and poor domestic airline performance. Click here for updated research.