Port of Tauranga Ltd

POT: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 7.00	Ymfb	Wsrywlny

Port of Tauranga: Poor Start to the Year as Economy Falters

Adrian Atkins

Oct 27, 2023

After a dismal first quarter, management provided guidance for net profit after tax of NZD 95 to 107 million in fiscal 2024, down 14% on last year at the midpoint. We were previously expecting wide-moat Port of Tauranga to generate broadly flat earnings in fiscal 2024. We downgrade our fiscal 2024 NPAT forecast by 13% to NZD 103 million and pare back medium-term forecasts as well. We trim our fair value estimate by 4% to NZD 5 per share.

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