QUB: Shareholders approve MAM takeover scheme

研报英文原文证据摘录

QUB: Shareholders approve MAM takeover scheme

Qube Holdings Limited

Target/Upside/Downside Scenarios Investment summary

We rate Qube Holdings (QUB) Sector Perform. QUB has grownQube Holdings Limited

to become Australia’s largest integrated provider of container

6 125 Weeks 24JAN24 - 16JUN26 import and export (IMEX) logistics services. Qube’s broad

5.5 and diverse client base makes its revenue line resilient and

TARGETTARGET 5.155.15

5 CURRENTCURRENT 5.055.05 diversified to ensure stable performance through a broad

4.5 variety of economic circumstances.

3.5 Risks to rating and price target

3 Freight volume and trade risk. QUB is the dominant import/

2.5 export provider in Australia with exposures spread across both

150m containerised and break-bulk volumes, and stevedoring and

100m

50m trade/customs services. Any change in global trade dynamics

2024 2025 2026

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J and/or Australia's trade relationships with its global trading

QUB AU Rel. AUSTRALIAN ALL ORDINAIRES MA 40 weeks partners may adversely affect Qube's earnings outlook.

Source: Bloomberg and RBC Capital Markets estimates for Target

Valuation Counterparty and competition risk. QUB forms part of a

supply chain, which means its performance is largely in theOur 12-month price target of A$5.15/share reflects final

hands of upstream clients and, to that extent, beyond QUB’sconsideration ($4.80/share) in the MAM takeover offer

control. Additionally, QUB is exposed to competition riskand the special dividend ($0.3465/share). Our price target

and can therefore be undercut by competitors during thesupports our Sector Perform rating.

tendering process.

Upside scenario

Modal shift.