Port of Tauranga Ltd

POT: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Port of Tauranga: Earnings Rebound as Trade Volumes Lift

Adrian Atkins

Oct 28, 2024

We upgrade our fiscal 2025 net profit after tax forecast for wide-moat-rated Port of Tauranga by 6% to NZD 115 million, in the middle of the NZD 110 million to NZD 120 million guidance range provided at the firm’s annual shareholder meeting. Our new forecast is 12% up on last year but 2% down on the fiscal 2023 peak. The port is doing a little better than we had expected. We also modestly increase medium-term earnings forecasts and lift our fair value estimate by 4% to NZD 5.40 per share. The stock screens as slightly overvalued at current prices.

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Port of Tauranga Ltd

Port of Tauranga: Earnings Rebound as Trade Volumes Lift

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