APA Group Posts Good FY17; But the Outlook Lacks Drivers
APA Group reported a good fiscal 2017 result, with EBITDA up 10% to AUD 1.47 billion on organic growth of 3% and full-year contributions from recent acquisitions. EBITDA was 2% above our expectations and the top of the guidance range. Fiscal 2018 growth won't be as good, with the firm targeting EBITDA of AUD 1.475 to 1.51 billion, representing growth of just 1.5% at the midpoint of guidance. This is in line with our prior expectations given headwinds to earnings from lower demand on some assets,...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.
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