Aurizon welcomes positive vote on Queensland Train Crew and Transport Operations Enterprise Agreement
Update on Queensland Enterprise Agreements
Aurizon renews coal haulage contract for Dawson and Callide Mines with Anglo American and Mitsui
Aurizon uses drones to inspect rail assets
Aurizon welcomes Fair Work Commission decision to terminate Enterprise Agreements
Aurizon welcomes SIMTA and MIC Moorebank agreement
Aurizon reaches in principle agreement with unions on train crew EA
Aurizon welcomes positive vote on Queensland Construction and Maintenance Enterprise Agreement
Aurizon sets up Perth hub
Aurizon chief Lance Hockridge not done shaking up rail giant
Aurizon is back on track. After a tumultuous year when the rail group fought bitterly with its Queensland regulator, took environmental activists blocking its coal trains to the Supreme Court and defended a $200 million sale of its Queensland freight hub in the Federal Court, a rebounding stock price reflects confidence that better times are ahead.
Aurizon still has challenges: with half of its earnings still generated from hauling coal from mines to ports, and most of the remainder derived from providing rail track access to coal miners and their haulage partners, some analysts are worried about its exposure to fossil fuels. Morningstar, which assigns a fair value of $4 to Aurizon's shares, says the stock is over-valued.
But there is definitely more certainty over Aurizon's near-term earnings outlook after it reached a deal with its coalmining customers this month over how much money it will be allowed to earn from its Queensland rail tracks business over the next decade and received a green light on Wednesday from the Federal Court to proceed with the sale of its Acacia Ridge freight terminal in Brisbane to Pacific National.
Aurizon's shares closed on Friday at $5.12, a 17-month high.
The Australian Competition and Consumer Commission may appeal the court's decision to clear the way for the freight hub sale after chairman Rod Sims said he did not think the undertakings offered by Pacific National to guarantee access to other users passed muster.
This article first appeared on www.afr.com
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