Despite the recent fall in the share price and the reinstatement of a dividend (NZ$6.75cps), the broker anticipates a ho-hum reaction by the market to the results.
The company is viewed as having a strong balance sheet and costs were lifted by NZ$8.6m in flood related expenses.
Management reconfirmed FY24 net profit guidance of NZ$260m0NZ$280m against consensus of NZ$275m and Morgan Stanley's estimate of NZ$287m.
An Equal-weight is retained with a NZ$8.88 target price.
Sector: Transportation.
Current Price is
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