Port of Tauranga Wraps Up Another Good Year; FVE up 5%
Wide-moat Port of Tauranga had another good year, with net profit after tax up 13% to NZD 94 million for fiscal 2018, in line with our expectations and the midpoint of guidance. The outlook remains positive as benefits from the hub port strategy and the recent upgrade drive ongoing growth in market share. Fiscal 2019 earnings guidance will be given at the annual shareholders meeting on Oct. 17. We increase our forecasts modestly and lift our fair value estimate 5% to NZD 4.00. At current prices,...Port of Tauranga and its subsdiaries operate in four segments: Port Operations, which provides and manages port services, and cargo handling facilities through the Port of Tauranga, MetroPort and the Timaru Container Terminal; Property Services, which consists of managing and maintaining Co.'s property assets; Marshalling Services, which consists of the contracted terminal operations, stevedoring, marshalling and scaling activities of Co.'s subsidiary, Quality Marshalling (Mount Maunganui) Limited; as well as Transport Services, which consists of the road transport and freight handling activities, of Co.'s subsidiaries, Tapper Transport Limited, Tapper SIP Limited and MetroPack Limited.
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