Fund Manager Summary
The fund managers believe that Qube Holdings Ltd presents a compelling investment opportunity due to its status as a high-quality diversified logistics company. In their opinion, QUB's diversified exposure across non-cyclical sectors, coupled with disciplined capital allocation and strong strategic execution, positions it favorably for future growth. They are particularly attracted to its strong market positions, robust balance sheet, and the industry environment where volumes typically grow above GDP. The completion of the MIRRAT acquisition, along with new enterprise agreements and the reaffirmed strength in the Patrick JV, should support QUB’s outlook for sustainable, long-term earnings growth and an improving ROIC.
Source: Trading View
Commentary From The Managers
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Wilson Asset Management
1 Dec 2025
$4.78
Summary
- Qube Holdings is Australia’s largest integrated import and export logistics provider.
- Received a conditional, non-binding proposal from Macquarie Asset Management (MAM) for $5.20 per share, adjusted for future dividends.
- The proposal represents a 24% premium to the volume-weighted average price (VWAP) since Qube's FY2025 result.
- Implies an FY2026 enterprise value (EV)/EBITDA multiple of 13.3x.
- Share price increased by more than 19% on the announcement day.
- Both parties signed an exclusivity deed granting MAM due diligence until February 2026.
- Qube’s directors intend to unanimously recommend the deal, subject to the absence of a superior proposal.
- Possibility of a superior proposal exists due to the strategic nature of Qube's assets.
- Qube's $400 million franking credit balance may allow for increased dividends within the transaction.
- Wilson Asset Management continues to hold in: WAM Leaders (ASX: WLE), WAM Income Maximiser (ASX: WMX), and Wilson Asset Management Leaders Fund.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Wilson Asset Management
1 Dec 2025
$4.78
- Qube Holdings is Australia’s largest integrated import and export logistics provider.
- Received a conditional, non-binding proposal from Macquarie Asset Management (MAM) for $5.20 per share, adjusted for future dividends.
- The proposal represents a 24% premium to the volume-weighted average price (VWAP) since Qube's FY2025 result.
- Implies an FY2026 enterprise value (EV)/EBITDA multiple of 13.3x.
- Share price increased by more than 19% on the announcement day.
- Both parties signed an exclusivity deed granting MAM due diligence until February 2026.
- Qube’s directors intend to unanimously recommend the deal, subject to the absence of a superior proposal.
- Possibility of a superior proposal exists due to the strategic nature of Qube's assets.
- Qube's $400 million franking credit balance may allow for increased dividends within the transaction.
- Wilson Asset Management continues to hold in: WAM Leaders (ASX: WLE), WAM Income Maximiser (ASX: WMX), and Wilson Asset Management Leaders Fund.
Summary
Paradice Investment Management
30 Sept 2025
$4.11
- Paradice Investment Management has reduced their holding in Qube Holdings Ltd (QUB) due to valuation considerations.
- Strong share price performance influenced the decision to reassess their position.
- The fund manager remains attentive to market conditions and valuation metrics.
- Continued monitoring of Qube's operational performance and market environment is essential.
- Paradice Investment Management's investment thesis reflects a disciplined approach to valuation and risk management.
Summary
Clime Investment Management
30 Sept 2025
$4.11
- Clime Investment Management initiated a position in Qube Holdings (QUB).
- The fund manager views QUB as a high quality logistics company.
- QUB benefits from diversified exposure across non-cyclical sectors.
- Clime Investment Management is attracted to QUB’s disciplined capital allocation.
- The fund manager recognizes QUB's strong strategic execution.
- QUB has strong market positions and a robust balance sheet.
- The industry backdrop for QUB typically grows at levels above GDP over time.
- Clime Investment Management sees QUB’s outlook as sustainable.
- Long-term earnings growth and an improving ROIC support this outlook.
Summary
Clime Investment Management
30 June 2025
$4.28
- QUB is a high quality diversified logistics company that benefits from diversified exposure across non-cyclical sectors.
- Strong market positions and financial investment discipline are key attractions.
- Robust balance sheet supports strong strategic execution.
- Industry backdrop suggests volumes typically grow at levels above GDP over time.
- Completion of the MIRRAT acquisition is expected to enhance growth.
- New enterprise agreements and reaffirmed strength in the Patrick JV should bolster QUB’s outlook.
- Clime Investment Management continues to hold due to expectations of sustainable, long-term earnings growth and improving ROIC.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a robust balance sheet and strategic execution, Qube Holdings Ltd seems poised to thrive in a resilient logistics landscape, potentially outpacing GDP growth. The recent acquisition and strengthened partnerships may just be the catalysts for sustainable earnings growth that investors crave."
Last Updated: 01 Dec 2025
Query The Data
Frequently Asked Questions
Who is investing in Qube Holdings Ltd (ASX:QUB)?
Fund managers including Clime Investment Management and Paradice Investment Management have invested in Qube Holdings Ltd (ASX:QUB).
Why do fund managers invest in Qube Holdings Ltd?
Fund managers invest in Qube Holdings Ltd due to its high-quality diversified logistics operations, strong market positions, and disciplined capital allocation. The company's robust balance sheet and strategic execution in non-cyclical sectors position it for sustainable long-term earnings growth. Recent developments, including the MIRRAT acquisition and new enterprise agreements, further enhance its outlook, making it an attractive investment.
What happened to Qube Holdings Ltd (ASX:QUB)?
Fund managers, including Paradice Investment Management, express cautious sentiment towards Qube Holdings Ltd (QUB) following a strong share price increase. Despite reducing their holdings due to valuation concerns, they recognize the company's solid performance and potential in the logistics and infrastructure sectors, indicating ongoing interest in its long-term growth prospects.