Qube: Patrick and Moorebank Add Strategic Value, but Already in Our Valuation
We have refreshed our Qube model with minor downgrades to near-term earnings and updated forecasts for Moorebank and the Patrick acquisition. We maintain our AUD 2.40 fair value estimate and consider Qube fairly valued at current prices. There is no change to our view that the strategic value of Qube’s vertically integrated assets justifies a narrow economic moat rating. The recent addition of the 50% stake in Patrick’s container business diversifies earnings away from the mining and energy sect...Qube Holdings is engaged in providing logistics solutions across multiple aspects of the import-export supply chain. Co. is also involved in the management and development of properties. Co.'s segments include: logistics, which provides a range of services relating to the import and export of containerized cargo; ports & bulk division, which provides a range of logistics services relating to the import and export of mainly non-containerized freight, with focus on automotive, bulk and break bulk products; and strategic assets which include, among others, its 66.7% interest in the Moorebank Industrial Property Trust; a 37.5% interest in the Quattro Grain joint venture.
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