Good Fiscal 2017 for AGL, but Stock Looks Overvalued
Narrow-moat AGL Energy reported a good full-year result, with underlying net profit after tax up 14% to AUD 802 million on higher wholesale and retail electricity prices and good cost control. Fiscal 2018 guidance is for underlying NPAT of AUD 940 million-1,040 million. Fiscal 2017 profit and 2018 guidance are broadly in line with our prior expectations. We increase our fair value estimate by 5% to AUD 19.50 on the time value of money and minor medium-term earnings upgrades. At the current price...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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