Overview Key strengths Key risks Entrenched position as the only container and car terminal port serving Sydney, the largest city in Australia. Weak macroeconomic conditions could soften trade volumes and revenues beyond our forecasts. Limited operating risk, given landlord operating model. Acceleration of forecast capital expenditure (capex) over the next two to three years could lead to higher debt. Flexibility to defer capex to weather any unexpected prolonged softening in trade conditions. Absence of timely control on shareholder distributions under weaker trade conditions can affect headroom in metrics. Overall, trade outlook remains soft for the next 12 months on subdued economic outlook and local demand. We expect container volumes (which come in at Port Botany and form about half of
