No Material Revelations at APA Investor Day; No Change to FVE
Narrow-moat-rated APA Group's 10 November investor day gave a bit more insight into growth potential and current regulatory threats, which are generally consistent with our prior views. We maintain our forecasts and AUD 8.50 fair value estimate. At the current price of AUD 7.70, APA is trading at its lowest level since January 2015 and starting to look like a better value with a yield of 5.5%. Share price weakness has been caused by rising regulatory risks, which are real but will only have an i...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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