Aurizon Hit With Tough Draft Decision
The UT5 draft regulatory decision for narrow-moat Aurizon's Queensland rail network is worse than expected, with revenue prescribed 20% below Aurizon's proposal. The main points of contention are significantly lower allowed returns on capital and a stable allowance to maintain the network despite a larger asset base.Fiscal 2018 is unaffected and earnings guidance is maintained, but we downgrade our medium-term net income forecasts by around 10% as the final decision should be similar to the dra...
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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