Morningstar | Regulatory Headwinds Buffet Aurizon
Aurizon Holdings is a vertically integrated heavy-haul rail freight operator with an extensive fleet of locomotives and rolling stock. The company also manages and operates the largest coal rail track network in Australia. Aurizon was privatised after more than 145 years of state government ownership. Returns should improve as operational efficiency gains are delivered and haulage contracts are rolled over on improved terms or exited, supporting margins. The coal price rebound derisks the business for now, but we remain cautious on the longer-term view.Aurizon Holdings is engaged in integrated heavy haul freight railway operation; rail transportation of coal from mine to port for export markets; bulk, general and containerised freight businesses; and rail services activities. Co. has three segments: Network, which is engaged in the provision of access to, and operation and management of, the Central Queensland Coal Network; Commercial & Marketing, which is engaged in the commercial negotiation of sales contracts and customer relationship management; as well as Operations, which is engaged in the national delivery of various coal, iron ore, bulk and intermodal haulage services, and in the maintenance of rollingstock fleet assets.
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