Port of Tauranga Ltd

POT: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 5.70	Lkdc	Gvywmvhfq

Port of Tauranga Earnings: Import Volumes Plummet on Weak Consumer Demand and High Rail Costs

Adrian Atkins

Feb 23, 2024

Wide-moat-rated Port of Tauranga had a challenging first half fiscal 2024, with net profit after tax down 25% to NZD 47 million because of lower trade volumes and higher operating costs. Full-year NPAT guidance of NZD 95 million-NZD 107 million is maintained, representing a 14% drop from last year at the midpoint. We reiterate our NZD 5 per share fair value estimate with our forecasts broadly unchanged. The stock has fallen 30% from the 2020 peak and now screens as fairly valued.

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