The Aurizon result is out.
You could sum up the result with “wet weather impacting volumes meets material operating leverage”.
As a result guidance for FY2023 will be a 4% miss relative to street expectations.
The stock had traded weakly into the result, and I’m pretty sure today will be no different, plus they’ve guided for higher capex.
Overall, we think AZJ is a good business, and one of the cheapest infrastructure stocks going, but it’ll be in the “bottom drawer” for a while.
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