Fiscal 2016 In Line With Expectations; Fair Value Estimate Lifted 6.5% to NZD 16.50
Port of Tauranga reported fiscal 2016 underlying net profit after tax of NZD 77.3 million, or NZD 0.57 per share, down 2% on the prior year, given higher depreciation and lower log exports, which fell by over 1 million tonnes. Our fair value estimate increases 6.5% to NZD 16.50 per share as a result of rolling forward our valuation and modest uplift to medium-term forecasts. Management did not provide explicit guidance, but it expects log exports to return to fiscal 2015 levels, and for the comp...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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