Port of Tauranga's Strong Competitive Position Does not Justify its Lofty Valuation.
We make no changes to our fair value estimate for Port of Tauranga, or POT, of NZD 4.00 per share, and consider it overvalued at current prices around NZD 4.93. Its share price has held up well through the recent market correction, leaving the window open for shareholders wanting to get out at a good price. In the past three months, the Port’s share price has been relatively flat, compared with a 6% fall in the NZX 50, an 11% fall in the Australian S&P/ASX 200 and a 14% fall in the U.S. S&am...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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