Tough September Quarter for Aurizon; No Change to FVE
Narrow-moat Aurizon's volumes fell moderately in the September quarter 2018 but performance should improve over the rest of the fiscal year. We maintain our forecasts for mid-single-digit falls in EBITDA in fiscal 2019 and 2020, before recovery from 2021. Our AUD 3.80 fair value estimate is unchanged, and at current prices, the stock is roughly fairly valued.Strong coal prices should underpin earnings in the haulage business in the near term, while earnings for the regulated rail network are ex...
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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