Another Solid Year for Spark; Looking Fairly Valued at Current Prices
No-moat Spark Infrastructure reported a solid 2017 result, with proportional underlying EBITDA after corporate costs up 4% to AUD 770 million. The result was broadly in line with expectations. On a comparable basis, we were expecting AUD 765 million, though VPN was a little stronger and TransGrid a little weaker than we forecast. We'll update our financial model later in the week, but don't expect any major changes to our forecasts or our AUD 2.30 fair value estimate. At the current price of AUD...
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