Morningstar

Morningstar, Inc.

Equity Bottom-Up

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…

Qube Holdings is a port and logistics operator focused on the import/export supply chain for containerised and bulk products. Qube also provides automotive and general stevedoring services. Port and logistics volumes have traditionally grown at rates equal to or above gross domestic product. However, Qube's strategy to consolidate a fragmented industry should deliver above-market rates of growth and scale benefits. Qube also holds a stake in two industrial land sites in southwest Sydney, at…

Shares in narrow-moat-rated Qube remain fairly valued following a pleasing first-half fiscal 2019 result, with solid volume growth in ports and bulk and Patrick driving underlying NPAT of AUD 65 million, 20% ahead of the previous corresponding period, or pcp, and slightly outpacing our prior expectations. The firm retained guidance of "solid" adjusted NPAT growth in fiscal 2019, albeit not as strong as the first half. We upgrade our forecasts marginally and increase our fair value estimate by 3%…

Based on commentary at its annual general meeting, narrow moat Qube appears to be tracking slightly ahead of original guidance for "solid" net profit growth in fiscal 2019. Volumes are up across most areas, though competitive pressure on margins remains. With intense competition and global uncertainty, we remain comfortable with our prior forecast for EPS to grow 14% in fiscal 2019. We maintain our AUD 2.55 per share fair value estimate and consider Qube fairly valued at current prices.
Analyst:…

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.
Analyst: Adrian Atkins

Australia

Qube Holdings Ltd. is a logistics company. The Group operates in divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00