AZJ - An express train or stopping all stations?

Aurizon Holdings (ASX:AZJ) (Formally Queensland Rail) is an often misunderstood company, owing to the fact a large part of their revenue is derived from a sate regulated contract/lease to operate the Central Queensland Coal Network (CQCN).

AZJ operates one of the largest rail networks in Australia and transports a comprehensive range of commodities, including mining, agricultural, industrial, and retail products for a diverse range of customers across Australia.

This includes retail goods and groceries in containerised freight to cities and towns across their national footprint; including commodities such as grain, phosphate, critical minerals, high-quality Australian coal and iron ore. They also operate and manage 5,100 kilometres of track infrastructure that supports domestic and export industries. This includes the Tarcoola to Darwin railway, a vital supply chain for central Australia that feeds into the nation’s closest port to Asia; and the CQCN. AZJ’s operations comprise of four categories: Network, Coal, Bulk and Containerised Freight.

Network: The CQCN, a 2,670-kilometer coal rail network in Australia. It is the largest coal rail network in the country and connects over 40 mines to five export terminals across three ports. The...