Solid FY18 for Qube; FVE up 6% on Improving Outlook
Narrow-moat Qube Holdings reported a solid fiscal 2018 result, with underlying NPAT increasing 4% to AUD 107 million, in line with our expectations. More importantly, management pointed to solid growth in 2019. The outlook is improving in a couple of areas, mainly at the Patrick stevedoring business and the ports and bulk business.ÂWe make minor upgrades to our medium-term earnings forecasts and increase our fair value estimate 6% to AUD 2.55. At the current price, Qube is roughly fairly valued...
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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