Unpacking Moorebank’s value

Fears have been circulating over how a fall in iron ore volumes harms Qube Logistics. The growth opportunity of the Moorebank project, however, has largely gone ignored.

The Qube share price has been weak in recent times, primarily due to fears around its iron ore exposure. With the Moorebank development confirmed, we believe a worst-case scenario around iron ore volumes being cut from customers Atlas Iron and Arrium is priced in.

Bulk resources comprise about 25% of revenues. However, Qube has a diversified exposure with no customer across the whole business comprising greater than 5% of revenue.

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