Solid 1H19 for APA Group, Tracking Towards the Top of the Full-Year Guidance Range
Narrow-moat-rated APA Group’s first-half fiscal 2019 EBITDA increased 4.3% to AUD 788 million, with growth coming roughly 50:50 from new assets and tariff increases. Management expects full-year EBITDA to be towards the top of guidance of AUD 1,550 to AUD 1,575 million, broadly in line with our prior expectations. This represents a slowing of growth to around 3.5% for the full year. We make minor changes to our earnings forecasts and upgrade our fair value estimate 2% to AUD 8.50 per security. C...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.
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