Freightways Off to Strong Start for Fiscal 2017; Fair Value Estimate Unchanged
We maintain our NZD 5.80 per share fair value estimate following Freightways' first-quarter fiscal 2017 trading update. Net profit after tax increased by 9.9% on the prior corresponding period to NZD 14.8 million. This solid performance was primarily driven by stronger revenue growth, and a lower interest expense. The express package and business mail division, the core operating segment, delivered healthy 6.5% revenue growth underpinned by strong volumes from existing and new customers. However...Freightways is engaged in the express package, business mail and information management industries. Co. and its subsidiaries are organized into three business segments. The Express package and business mail segment comprises network courier, point-to-point courier and postal services. The Information management segment comprises secure paper-based and electronic business information management services. The Corporate and other segment comprises corporate, financing and property management services. Co. also manages its road and air linehaul requirements through the Parceline Express and Fieldair businesses.
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