Moorebank to Hammer Home Qube’s Competitive Advantage
Narrow-moat-rated Qube Holdings is fairly valued at present, trading at a small premium to our unchanged AUD 2.62 fair value estimate. Earnings are growing relatively strongly in fiscal 2019, mainly on a marked improvement in the resources sector benefiting the ports and bulk business. Longer term though, Qube’s main attraction is the logistics division, which should benefit hugely from the Moorebank intermodal development. With Moorebank close to opening, we reiterate our view that potential sh...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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