Great Company but Too Expensive; Wait for Better Opportunity in Port of Tauranga
It doesn’t overly surprise that the share price of wide-moat Port of Tauranga has been so well supported in recent years given this is a high-quality company with a favourable outlook. But we can't accept its expensive metrics and recommend waiting for a better entry point, which could happen if growth doesn’t come as quickly as many hope.ÂAt the current price of NZD 4.47, the firm trades 24% above our unchanged NZD 3.60 fair value estimate, on a nose-bleed P/E ratio of 36 times and offering a ...
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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