APA Group Posts Solid First-Half 2017; No Change to Fair Value Estimate
Narrow moat-rated APA Group's first-half EBITDA increased 14% to AUD 760 million mainly on acquisitions and new developments. Organic growth from the existing portfolio was 4%. Fiscal 2017 EBITDA guidance was marginally upgraded to the top end of the previously announced AUD 1,425-1,445 million range. We upgrade our 2017 EBITDA forecast marginally, but keep our AUD 8.50 fair value estimate. At the current price of AUD 8.70, APA Group is roughly fairly valued. We continue to view APA Group as a h...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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