ASSET DESCRIPTION
- Deep water seaport servicing the Green Triangle region of Victoria; an area abundant in natural resources
- The Port owns a portfolio of freehold property and cargo handling infrastructure
- 100% equity interest
- Board representation
INVESTMENT FUNDAMENTALS
- Strong geographical position; transportation economics result in a trade-advantaged export catchment zone. ie. price of land transport discourages export from other ports
- Diverse customer base and a high proportion of revenues derived from long term relationships with key clients, many of whom have invested significant amounts in on-port infrastructure
KEY RISKS AND MITIGATION
- Trade risk – diverse customer and commodity base mitigates market impacts
- Refinancing risk – very low level of leverage at 30% of enterprise value
- Regulation – a shadow building blocks approach to port pricing ensures that the impact of regulation is likely to be minimal, if not a positive
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