Aurizon Holdings: Target achieved

About the author:

Nathan Lead
Author name:
By Nathan Lead
Job title:
Senior Analyst
Date posted:
05 July 2023, 7:00 AM
Sectors Covered:
Infrastructure, Utilities, Banks

  • We downgrade Aurizon Holdings (ASX:AZJ) from ADD to HOLD, given recent share price strength has compressed total return potential (12 month c.4%, 5-yr IRR 7.5% pa).
  • AZJ is a net beneficiary of higher interest rates (through its Network revenues WACC reset net of actual interest cost increase) and higher inflation (CPI-linked pricing). Investor event in mid-July expected to update Bulk growth ambitions.
  • Forecasts upgraded, target price lifted to (login to view) per share.

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