Qube's Fiscal 2016 Disappoints but Patrick and Moorebank to Deliver Medium-Term Growth
Our AUD 2.40 fair value estimate for Qube is unchanged despite a weaker-than-expected fiscal 2016. Full-year 2016 underlying net profit after tax, or NPAT, of AUD 86.5 million was down 18% on the prior period and underlying EPS declined 22% to AUD 0.076. Excluding the dilutionary effect of the entitlement offer and net financial impact of the Patrick acquisition, fiscal 2016 underlying EPS would have declined by 16% to AUD 0.082. The result was below our estimates, with weaker performance in the...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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