Ann: 2023 Annual General Meeting Addresses, page-4

Merely for information - I'm a believer in DYOR - this is commentary re 'recommended stocks' from the 'lively' blog on Monday 6 November 2023:

Reece Birtles: It's probably a similar space, hard assets. So for us, it's Aurizon Holdings (ASX: AZJ). In recent years, it's really suffered from the weather dynamics - with the wet weather conditions - and that's impacted their volumes. And then this year, they've really benefited on their regulatory asset business from higher interest rates, giving them a higher return on capital. Inflation has been driving their asset base higher, and then their volumes are really locked in with long-term contracts. We think the company's doing well with its transition - with the one rail business. And its bulk transition, to move away from the traditional coal businesses. It has a PE of 13 times, near 6% yield and [it has a] growing income stream as those weather recovery and then inflation protection in their contracts really comes through.

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My major caution on a view such as the above would be that the One Rail (former G & W) and interstate intermodal contract for Team Global Express are in their early stages, so final judgment is a way off.