Port of Tauranga's strong competitive position does not justify its lofty valuation.
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...
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