APA Group Reconfirms Guidance and Downplays Reform Risk at AGM; No Change to Our View
We maintain our existing earnings forecasts and AUD 8 per security fair value estimate for narrow moat-rated APA Group after it reconfirmed fiscal 2018 EBITDA guidance of AUD 1.475 to AUD 1.51 billion at its annual general meeting, or AGM. Our EBITDA forecast of AUD 1.5 billion is toward the top of guidance and implies growth of 2%. APA Group securities have come down from their nearly AUD 10 highs on regulatory concerns, and are now trading around AUD 8.50. At current prices, it appears fairly ...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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