Cyclone Debbie Hits Aurizon's Fiscal 2017 Earnings, but Immaterial to Our FVE
Aurizon estimates the financial impact of Cyclone Debbie to be AUD 100 million-115 million on fiscal 2017 EBIT. However, up to AUD 80 million is likely to be recovered through higher revenue in future years via the regulatory process. We downgrade our fiscal 2017 EBIT forecast by 11% to AUD 833 million, and upgrade earnings in subsequent years, primarily in fiscal 2019. These changes have no impact on our fair value estimate, which remains AUD 4.50 per share. At the current price, Aurizon is sli...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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