All posts by Nathan Lead

Nathan Lead

Aurizon Holdings: Update to add

By Nathan Lead

07 January 2020, 3:42 PM

We take advantage of recent share price weakness (down 14% since September) to upgrade to ADD. Total 12 month potential return at current prices is ~15%. Key attractions include the aggressively pursued buyback currently underway, forecast ~5.2% yield (~70% franked), and relatively predictable (albeit low growth) earnings that should have a relatively low correlation to the domestic economy.


Sydney Airport: Regulatory pressures ease

By Nathan Lead

23 October 2019, 5:24 PM

The Productivity Commission's final report was benign for SYD, if not helpful. We view the event as de-risking the investment case, and should contribute to the gap closing between the share price and our 12 month target price.

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