Port of Tauranga Ltd POT

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NZD 5.53 −0.06 (1.07%)

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As of Jul 26, 2024 5:00am Delayed Price Closed

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Company Report

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Port of Tauranga: Looking Fairly Valued for the First Time in a While

Adrian Atkins Jun 28, 2024

Wide-moat-rated Port of Tauranga’s share price has fallen 40% from the 2020 peak and is now looking fairly valued, trading at a 4% discount to our unchanged fair value estimate of NZD 5 per share. It trades on a P/E ratio of 30 and offers a dividend yield of 3%, fully imputed for New Zealand residents. We think that’s about right for a high-quality stock with a good long-term outlook.

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Price vs Fair Value

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POT is trading at a 818% premium.

Price

NZD 5.53

Jul 26, 2024

Fair Value

NZD 1.00

Oct 27, 2023

Uncertainty

Medium

1-Star Price: NZD 2.99
5-Star Price: NZD 8.90
Economic Moat: Wqnt
Capital Allocation: Ykdhzjmbjt

Bulls Say, Bears Say

Bulls

The upgrade to handle larger ships should earn favorable returns and cement the port's position as the most productive and efficient port in New Zealand.

Bears

A construction slowdown in China could lead to lower forestry and log exports, hurting port and associate earnings.

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Trading Information

Previous Close Price: NZD 5.59
Day Range: NZD 5.51–5.59
52-Week Range: NZD 4.64–6.20
Bid/Ask: NZD 5.52 / NZD 5.59
Market Cap: NZD 3.76 Bil
Volume/Avg: 185,544 / 228,773

Key Statistics

Price/Earnings (Normalized): 36.78
Price/Sales: 9.24
Dividend Yield (Trailing): 2.68%
Dividend Yield (Forward): 2.68%
Total Yield: 2.68%

Company Profile

Port of Tauranga is the largest, fastest-growing, and most efficient port in New Zealand. The company was established in 1985 by the government and remains majority owned by the Bay of Plenty Regional Council. The port is connected by road and rail to Auckland, Waikato, and the central North Island. In addition to the port at Tauranga, the firm owns stakes in smaller ports and inland freight hubs closer to Auckland and on the South Island to facilitate trade flows.

Sector: Industrials
Industry: Marine Shipping
Stock Style Box: Mid Core
Total Number of Employees: 279
Website: https://www.port-tauranga.co.nz

Competitors

Valuation

Metric	POT	AZJ	QUB
Price/Earnings (Normalized)	36.78	13.67	44.05
Price/Book Value	1.78	1.52	2.16
Price/Sales	9.24	1.80	2.26
Price/Cash Flow	26.55	6.09	15.52

Price/Earnings

POT

AZJ

QUB

Financial Strength

Metric	POT	AZJ	QUB
Quick Ratio	0.25	0.37	1.05
Current Ratio	0.25	0.62	1.12
Interest Coverage	6.12	2.12	2.27

Quick Ratio

POT

AZJ

QUB

Profitability

Metric	POT	AZJ	QUB
Return on Assets (Normalized)	3.81%	3.71%	4.09%
Return on Equity (Normalized)	5.08%	10.13%	7.70%
Return on Invested Capital (Normalized)	4.06%	4.57%	4.39%

Return on Assets

POT

AZJ

QUB

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