map tells folk to stick it in their eye.., page-8

tiger2three, largely agree with you, airports are fantastic businesses.

But I'm not sure MAP is a great stock. First, there's a limit to how much they can charge. If they abuse their monopoly too much they might find the wrath of the consumer upon them. This quote in an article about Brisbane Airport's $10/hour parking fees: "Transport Minister Anthony Albanese said airports should not make super profits from monopolistic parking situations."

(http://www.news.com.au/couriermail/story/0,23739,24526846-3102,00.html)

Sounds like rumblings of some new legislation?

Second, SCACH has stuffed Sydney airport to the brim with debt. I can't remember the exact figures but in 2007 their interests costs alone exceeded the total profits the airport was making just before it was sold off. That's some heavy leverage. They've got no problems with their interest cover now, but if travel takes a really big, unanticipated downturn, one might find them having to raise funds to stay afloat. Not quite the ideal asset to own!

Then of course there's the outrageous 1 point something percent of market cap fees that maccas charges every year.

the negatives do well and truly detract from the wonderful nature of the business, imho.