Our guest on the Morning Mail today is Head of Research at Evans and Partners, Paul Ryan.
We discuss the rationale for our high conviction positive view on QR National Ltd (QRN). Paul has done further work on QRN’s track infrastructure business which, together with upside surprise on redundancies, has resulted in a 7% uplift in our valuation to $4.00. Paul succinctly outlines how QRN can significantly lift returns in its above-rail business and why the track network offers everything we look for in a utility. Finally, he outlines the options available to QRN by virtue of its under-geared balance sheet.
