Acquisitions Boost APA's Fiscal 2016; FVE Lifted to AUD 8.50
APA Group reported large increases in revenue and EBITDA in fiscal 2016 on major acquisitions, in line with our expectations. Fiscal 2017 earnings guidance is in line with our prior expectations. We upgrade our valuation from AUD 8.20 to AUD 8.50 per security, mainly on the time value of money. At the current price of AUD 9.20, APA trades at an 8% premium to our valuation. We retain our view that the firm's unparalleled gas transmission network provides sustainable competitive advantages warrant...APA Group's principal activities are the ownership and operation of energy infrastructure assets and businesses, including energy infrastructure, primarily gas transmission businesses located across Australia; asset management and operations services for the majority of Co.'s energy investments and for third parties; and energy investments in listed and unlisted entities. Co. comprises the following reportable segments: Energy Infrastructure, Asset Management, and Energy Investments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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