Port of Tauranga Ltd
POT: XNZE (NZL)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
NZD 5.40 | Xvybd | Tffbsqpvs |
Port of Tauranga: Poor Start to the Year as Economy Falters
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.