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Company Information

Company at a Glance

Industry:
Road & Rail
Fiscal Year-End:
Jun 10

Company Overview

Asciano is one of Australia's largest listed infrastructure owners, with a primary focus on transport infrastructure, including ports and rail assets, and associated operations and services. Asciano's portfolio of assets includes four leading container terminals, bulk export facilities, a significant range of stevedoring equipment and associated services, extensive rail operations, investments in a number of strategic joint ventures and a highly skilled workforce.

Company History

The Toll business was founded in 1888 by Albert Toll in Newcastle. It became part of the Peko Wallsend Group in the 1960s, transporting goods associated with diversified mining and manufacturing activities. In 1986, Toll was sold to a management buyout team led by TOL CEO Paul Little and former Chairman of the Toll board Peter Rowsthorn. On 1 June 2007, the Supreme Court of Victoria approved the restructure of the Toll Group into two market-leading, ASX-listed entities - Toll and Asciano.

Industries Of Operation

Asciano controls a unique transport infrastructure portfolio, including 100% of Pacific National and the Patrick container ports as well as the combined port operations and stevedoring businesses of Toll and Patrick Corporation. Asciano focuses on investment opportunities in ports, rail, airports, toll roads and similar transport infrastructure assets within the transport sector in Australia and internationally.

Differentiating Factor

Asciano is the only exposure to stevedoring in the ASX. We believe its excellent exposure to cash-generating assets and its market leader position are its solid differentiating factors.

Major Customers & Competitors

Pacific National’s key rail competitors are Queensland Rail, SCT and FreightLink.

Research provided by  

Market Statistics

Market Cap ($M):
5,047.5
Equiv. Shares (M):
2,936.8
% All Ords:
0.47
12Mth Range ($):
0.32 - 1.94
Turnover ($M pa):
6,924.9
Index:
S&P/ASX 100
Sector:
Industrials
Industry Group:
Transportation
Industry:
Road & Rail
Sub Industry:
Railroads

Last 5 Market Sensitive Announcements

Date
Announcment
04-Feb-10 09:00
Macarthur coal haulage deal with Asciano in Queensland
23-Dec-09 09:38
Signing of long term coal haulage contract -Whitehaven Coal
21-Dec-09 11:55
Capital Announcement
18-Dec-09 10:24
Asciano selected preferred operator for Xstrata Copper
08-Dec-09 06:41
Isaac Plains Coal Contract

Calendar Of Events

Date
Event
24-Feb-10
Reporting Date for Half Yearly Result
23-Oct-09
AGM Date for Final Year Result
26-Aug-09
Reporting Date for Final Year Result
22-Jul-09
EGM Date for Special Event
25-Feb-09
Reporting Date for Half Yearly Result

Directors

Name
Position
T Poole
Chairman
M Rowsthorn
CEO & Director
P George
non-executive director
C Barlow
non-executive director
P Mcgregor
Director
J Atkins
Director of PIML
M Broomhead
non-executive director

Management

Name
Position
M Rowsthorn
CEO
D Telford
Head of Operations
A Perrin
CFO

Substantial Shareholders

Name
% Holding
UBS Nominees Pty Ltd
7.2
BT Investment & Westpac Banking Corp
7.0
Fully Paid stapled securities
7.0
Ausbil Dexia Limited
6.3
Commonwealth Bank
5.3
Capital Group Companies
5.1

Consensus Recommendation Summary


0
1
2
3
5
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 11

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 6.3 9.1
EPS Growth (%)   44.4
P/E Ratio (x) 26.5 18.4
P/E Rel. All Ords (x) 1.81 1.51
P/E Rel. Sector (x) 0.85 0.83
Number of Brokers in Earnings Survey: 10 11

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  09A 09A 09A    
Transurban (53.3) n/a 4.2 6,734.1 5.20 Out Perf.
Qantas Airways 44.7 (87.5) 2.1 6,424.4 2.84 Out Perf.
Toll Holdings 18.7 11.9 3.0 5,895.6 8.34 Hold
MAp Airports Limited n/a n/a n/a 5,434.7 2.87 Out Perf.
Asciano Group >99 (81.6) 0.0 5,047.5 1.67 Out Perf.

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