POT Now Trading Way Above FVE
Port of Tauranga’s share price continues to defy gravity, rising around 20% in the past six months as global bond yields fall and equities rally. At the risk of sounding like a broken record, there’s no change in our view the port is overvalued. It offers a paltry yield of 2.2% fully imputed. While EPS growth is respectable at around 7% per year in coming years, this doesn’t justify the massive P/E ratio of 41 based on the current NZD 6 share price. There is no change to our NZD 4.00 per share f...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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