The stunning rebound in coal prices reduces risks, though upside is limited in the near term.
Narrow-moat-rated Aurizon Holdings reported a good fiscal 2018 result with underlying NPAT up 10% to AUD 542 million, 3% above expectations. The result was driven by cost-out initiatives, improved volumes in the coal division, and closure of loss-making bulk operations. Earnings in the rail network division were flat. The outlook is weak, with earnings likely to fall over the next two years on headwinds across the business. We increase our fair value estimate 3% to AUD 3.80 after rolling our fin...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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