The occasional analyst must have noticed how the LAU rail...

The occasional analyst must have noticed how the LAU rail division has been very profitable, how the company says there's continuing good demand for its road and rail freight offerings and perhaps how capital investment is being directed to renewing some of its road fleet.

I still don't know the median age of the latter. Important information so we can form a view as to whether there's been previous underinvestment, given that older trucks/B-Doubles are likely to consume more fuel and have higher maintenance costs than today's models.

Toll Group has also commented that retailers are ordering less (as they're overstocked all of a sudden) but LAU may not have huge exposure to that subsector of freight demand, as it's more aligned to carrying fresh produce.

But all things considered, fredofrog, you are 100 per cent correct that LAU seems to have been rerated, often not an easy achievement for a small company that can fly under most institutions' radar. Many can't be bothered covering tiny entities, especially if scrip turnover is low.