Overview Key strengths Key risks Entrenched position as the only container and car terminal port serving Sydney, Australia's largest city. Weak macroeconomic conditions could soften trade volumes and revenue beyond our forecasts. Limited operating risk, given landlord operating model. Capex acceleration beyond what we forecast over the next two to three years could increase debt. Flexibility to defer capital expenditure (capex) to weather any prolonged softening in trade conditions. Lack of timely control of shareholder distributions under weaker trade conditions. A better economic environment could drive consumer demand and a recovery for the company over the next two years. We expect container volumes at Port Botany to be flat in fiscal 2025, before increasing by 3%-5% a year after that.
