Edison Investment Research - QEX Logistics (QEX) QEX Logistics - Solid growth expected to continue in FY19

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Edison Investment Research

Milosz Papst

QEX Logistics - Solid growth expected to continue in FY19

In line with earlier management expectations, QEX Logistics has made an upward revision to its FY19 KOM targets following strong preliminary FY18 numbers. The company now aims at total sales turnover growth of 30% over FY18 to NZ$41m and gross profit at NZ$5.74m in FY19. This implies a 14% margin, which is somewhat below the initial target of 15% and suggests that in its current rapid growth phase, QEX decided to trade off some of its margin against top-line growth.

29/05/2018 3 EN

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QEX Logistics

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Milosz Papst

Other Reports on these Companies

Edison Investment Research

QEX Logistics - Continued business acceleration

QEXâ€™s revised sales turnover target indicates a robust business uptake and confirms the strong start in Q119 (despite weaker sales in Australia), with sales at NZ$15.4m (up 35% vs Q418) driven by dairy products and NZâ€™s international postage revenue. Importantly, management highlighted that the solid trend continued over the past two months. QEXâ€™s ability to secure funding through its listing in February coupled with the recent NZ$2.5m placement, supports the companyâ€™s solid growth prospects.

September 5, 2018 September 5, 2018 3 EN

Edison Investment Research

QEX Logistics - Fuelling further business expansion

QEX continues to expand its business across New Zealand, Australia and China, with group sales up c 42% y-o-y in FY18 and the FY19 key operating milestone (KOM) target set at NZ$41m, implying c 30% y-o-y growth. The scope of future earnings improvement will depend on QEXâ€™s ability to address pricing pressures (FY18 gross margin down to 16.1% from 17.3% in FY17) and to manage working capital and cash flow effectively as the business grows. Shares currently trade at a FY18 (year ended March-2018) EV/EBITDA ratio of 14.7x.

June 7, 2018 June 7, 2018 4 EN

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QEX Logistics - Solid growth expected to continue in FY19

QEX Logistics - Continued business acceleration

QEX Logistics - Fuelling further business expansion

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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