Cormorant Paper — Shared-user warehousing, SA
AheadCommenced Dec 2025 · 3 years · from tender T-2025-021
Model margin
6.8%
Actual margin (LTM)
8.9%
Variance
+2.1 pts
Actuals coverage
8 mo
Margin vs model
Actual 8.9%Model 6.8%
Dec 25Jul 26
Assumption outcomes
| Assumption | Model | Actual | Verdict |
|---|---|---|---|
Storage utilisation | 82% | 91% | OK |
Volume floor (96%) The clause did exactly what it was priced to do — worth replicating verbatim. | Contractual floor | Held through Q3 downturn | OK |
Labour uplift | 3.2% p.a. | 3.4% | OK |
Monthly actuals8 months
| Month | Revenue $m | Model % | Actual % | Δ pts |
|---|---|---|---|---|
| Dec 25 | 0.41 | 6.8 | 6.9 | +0.1 |
| Jan 26 | 0.41 | 6.8 | 7.2 | +0.4 |
| Feb 26 | 0.42 | 6.8 | 7.6 | +0.8 |
| Mar 26 | 0.42 | 6.8 | 8.1 | +1.3 |
| Apr 26 | 0.43 | 6.8 | 8.4 | +1.6 |
| May 26 | 0.43 | 6.8 | 8.6 | +1.8 |
| Jun 26 | 0.44 | 6.8 | 8.8 | +2.0 |
| Jul 26 | 0.44 | 6.8 | 8.9 | +2.1 |
Review note
Six-month review: ahead of model on utilisation and protected on volume. The floor-plus-true-up clause is the template for Meridian.