Mainfreight Ltd.

Mainfreight is engaged in the global supply chain logistics. As of Mar 31 2015, Co. had business operating in 242 branches in 20 countries around the world. Co. operates in the domestic supply chain (moving and storing freight within countries) and air and ocean freight industries (moving freight between countries). New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both domestic and air and ocean services.
  • TickerMFT
  • ISINNZMFTE0001S9
  • ExchangeNZX
  • SectorIndustrial Transportation
  • CountryNew Zealand

Analysts

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

Concerns over perceived central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell's comments, proclaiming interest rates are “just below” the neutral rate, and reminding everyone that future rate hikes are not predetermined. While this is certainly an incrementally positive development, it does not completely remove the specter of future rate hikes from our list of concerns. Of course, trade remains an issue despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect conso...

Adrian Atkins

Ceasing Coverage on Mainfreight

We plan to cease coverage on no-moat Mainfreight Limited in November 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Mainfreight is a well-managed business that continues to grow strongly. Over the medium term, we expect mid-single-digit revenue growth, driven by increased trade volumes and market share gains. Through higher freight volumes and increased utilisation of warehousing facilities, we forecast a small expansion in op...

Adrian Atkins

Ceasing Coverage on Mainfreight

We plan to cease coverage on no-moat Mainfreight Limited in November 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Mainfreight is a well-managed business that continues to grow strongly. Over the medium term, we expect mid-single-digit revenue growth, driven by increased trade volumes and market share gains. Through higher freight volumes and increased utilisation of warehousing facilities, we forecast a small expansion in op...

Adrian Atkins

Good Fiscal 2017 for Mainfreight; Lifting our FVE to NZD 18

Mainfreight reported adjusted NPAT up 17% to NZD 103 million in fiscal 2017 on a strong performance in New Zealand and improved performances in Australia and Europe. The result was good, with NPAT 6% ahead of our expectations. Management provided vague but positive guidance for earnings momentum to continue across most markets in fiscal 2018. The firm's differentiated offering and focus on sales growth should translate to market share gains in offshore markets, helping improve profit margins on ...

Adrian Atkins

Ceasing Coverage on Mainfreight

We plan to cease coverage on no-moat Mainfreight Limited in November 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Mainfreight is a well-managed business that continues to grow strongly. Over the medium term, we expect mid-single-digit revenue growth, driven by increased trade volumes and market share gains. Through higher freight volumes and increased utilisation of warehousing facilities, we forecast a small expansion in op...

Adrian Atkins

Ceasing Coverage on Mainfreight

We plan to cease coverage on no-moat Mainfreight Limited in November 2017. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Mainfreight is a well-managed business that continues to grow strongly. Over the medium term, we expect mid-single-digit revenue growth, driven by increased trade volumes and market share gains. Through higher freight volumes and increased utilisation of warehousing facilities, we forecast a small expansion in op...

Adrian Atkins

Good Fiscal 2017 for Mainfreight; Lifting our FVE to NZD 18

Mainfreight reported adjusted NPAT up 17% to NZD 103 million in fiscal 2017 on a strong performance in New Zealand and improved performances in Australia and Europe. The result was good, with NPAT 6% ahead of our expectations. Management provided vague but positive guidance for earnings momentum to continue across most markets in fiscal 2018. The firm's differentiated offering and focus on sales growth should translate to market share gains in offshore markets, helping improve profit margins on ...

Adrian Atkins

Mainfreight is a well-managed logistics provider with global ambitions.

Mainfreight's share price has risen strongly in the past year and at current levels, is moderately overvalued. The firm is benefiting from expansion in the U.S, Europe and Asia, and driving higher profit margins from increased utilisation and efficiency improvements. Mainfreight is expected to continue growing earnings strongly in the medium term, however, it screens as expensive, trading 28% above our unchanged NZD 17.00 DCF-based fair value estimate. Crosschecking with other valuation metrics ...

Adrian Atkins

Mainfreight Starting to Look Overvalued

Mainfreight's share price has risen strongly in the past year and at current levels, is moderately overvalued. The firm is benefiting from expansion in the U.S, Europe and Asia, and driving higher profit margins from increased utilisation and efficiency improvements. Mainfreight is expected to continue growing earnings strongly in the medium term, however, it screens as expensive, trading 28% above our unchanged NZD 17.00 DCF-based fair value estimate. Crosschecking with other valuation metrics ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

Concerns over perceived central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell's comments, proclaiming interest rates are “just below” the neutral rate, and reminding everyone that future rate hikes are not predetermined. While this is certainly an incrementally positive development, it does not completely remove the specter of future rate hikes from our list of concerns. Of course, trade remains an issue despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect conso...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch