Comparative review

Asciano’s security price has fallen 8% since we ceased coverage on 5 Jan 12 (Coverage Ceased – $4.66), even with revenue increasing 11% to $3.4bn and earnings per share increasing 43% to 25 cents in 2012. Despite owning monopolistic assets, the company has a lousy track record, competition is increasing in several key markets and its still spends more on annual capital expenditure than it makes in net profit each year. Return on capital, assets and equity remain poor, and the meek 1.8% dividend yield holds little attraction. AVOID. The share price of Qube Logistics has fallen 14% since...

Asciano’s security price has fallen 8% since we ceased coverage on 5 Jan 12 (Coverage Ceased – $4.66), even with revenue increasing 11% to $3.4bn and earnings per share increasing 43% to 25 cents in 2012. Despite owning monopolistic assets, the company has a lousy track record, competition is increasing in several key markets and its still spends more on annual capital expenditure than it makes in net profit each year. Return on capital, assets and equity remain poor, and the meek 1.8% dividend yield holds little attraction. AVOID.

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