Strong Start to the New Fiscal Year for Port of Tauranga; No Change to FVE
Wide-moat Port of Tauranga has started the new financial year strongly. Guidance provided at the annual shareholder meeting is for net profit after tax of NZD 88 million-NZD 92 million, up from NZD 83 million last year. Guidance is in line with our existing forecast of NZD 91 million, which we leave unchanged. We also maintain our NZD 3.60 fair value estimate. Port of Tauranga is a high-quality business with a good long-term outlook. As New Zealand's largest and most productive port, it should c...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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