Government Action to Reduce Utility Bills Will Weigh on AGL Energy
Following a near 40% fall in its share price since mid-2017, we believe narrow-moat AGL Energy is beginning to look attractive again, despite ongoing regulatory risk. At current prices, the stock trades 10% below our unchanged AUD 20 fair value estimate, on a forward P/E ratio of 11.6 times, and paying a mostly franked enticing dividend yield of 6.5%. Although we reduced our medium-term earnings forecasts, our longer-term assumptions are largely unchanged. We now expect net profit after tax to f...AGL Energy is a renewable energy company, serving customers throughout eastern Australia. Co. has four segments: Energy Market, which sells electricity, natural gas, and energy related products and services to consumer market, business and wholesale customers, servicing approximately 3.7 million customer accounts as of June 30 2016; Group Operations, a diverse power generation portfolio; New Energy, which focuses on taking new and distributed technologies to market in Australia, including AGL Solar, and Distributed Energy Services such as Active Stream, its digital meter installation and data provider business; and Investment, which include investments in various energy related business.
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