Downgrading Qube's FVE by 4% on Growing Near-Term Risks
While we remain highly supportive of Qube's long-term strategic direction, its demanding valuation metrics and growing near-term risks temper our enthusiasm. We downgrade our earnings forecasts on softer price increases in the logistics division and at Patrick container terminals. Our fiscal 2018 and 2019 net profit after tax forecasts fall 3% and 5%, respectively. We also assume a slower ramp-up of the Moorebank intermodal terminal. These changes result in our fair value estimate falling 4% to ...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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