Morgan Stanley assesses the NSW government's coal export demand scenarios provide further evidence on Aurizon Holding's long-term coal volume and environmental risk from the global energy transition.
As the largest Australian coal haulage company, the broker estimates around 87% coal earnings (EBIT) exposure and the coal volume will
still be the dominant long-term earnings driver.
Equal-weight rating. Target is $4.03. Industry view: Cautious.
Target price is $4.03.Current Price is $3.74. Difference: $0.29 - (brackets indicate current price is over target). If AZJ meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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