Port of Tauranga Ltd
POT: XNZE (NZL)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
NZD 1.50 | Kbg | Lmgkzlvcq |
Port of Tauranga Earnings: Import Volumes Plummet on Weak Consumer Demand and High Rail Costs
Wide-moat-rated Port of Tauranga had a challenging first half fiscal 2024, with net profit after tax down 25% to NZD 47 million because of lower trade volumes and higher operating costs. Full-year NPAT guidance of NZD 95 million-NZD 107 million is maintained, representing a 14% drop from last year at the midpoint. We reiterate our NZD 5 per share fair value estimate with our forecasts broadly unchanged. The stock has fallen 30% from the 2020 peak and now screens as fairly valued.