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    The Australian Competition and Consumer Commission's (ACCC) 2018-19 container stevedoring monitoring report indicated that: (i) Patrick Stevedores regained its #1 market position in terms of lifts; (ii) unit revenues rose for the first time in 7 years (although industry profitability fell); and (iii) rising infrastructure charges captured the attention of regulators. Looking forward, while port volumes remain soft we are not yet concerned given strong market share gains and improved unit cost efficiencies should provide significant earnings defensibility in FY20.

    Patrick is in a strong position given its early investment in automation technology (Port Botany, Port of Brisbane) which ensures that it has a lower unit cost and can benefit from higher market shares (and leverage) in the present oversupplied market. More importantly, the increasingly rational (profit focused) behaviour emerging across the industry suggests that price will be used increasingly to improve operating margins. If this dynamic were to emerge, we would expect that Patrick would be a key beneficiary given its (i) full-service product offering; (ii) high service standards; and (iii) lowest in class cost base.

    From Goldman Sachs and ACCC Stevedore Report
 
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Last
$4.36
Change
-0.040(0.91%)
Mkt cap ! $7.713B
Open High Low Value Volume
$4.40 $4.41 $4.35 $7.053M 1.615M

Buyers (Bids)

No. Vol. Price($)
2 5289 $4.34
 

Sellers (Offers)

Price($) Vol. No.
$4.37 5289 2
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Last trade - 16.10pm 22/07/2025 (20 minute delay) ?
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