Report
Adrian Atkins
EUR 147.86 For Business Accounts Only

The stunning rebound in coal prices reduces risks, though upside is limited in the near term.

Aurizon reported statutory NPAT of AUD 72 million in fiscal 2016, down 88% on the prior year. Excluding the AUD 438 million of impairments and other one-offs, underlying NPAT was down 16% to AUD 510 million, in line with expectations. The company continues to take costs out of the business, having taken out AUD 131 million pretax in the past year, which is required to help offset weakness in volumes hauled; this is why we remain cautious on the medium-term outlook for the stock. Management noted...
Underlying
Aurizon Holdings Ltd.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Adrian Atkins

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