The outlook is becoming less rosy for Australia's premier gas infrastructure company.
While we continue to believe APA Group has a narrow economic moat, gas market rule changes will weaken its competitive advantages. We make some minor downgrades to our earnings forecasts, and trim our fair value estimate 6% to AUD 8 per security. We also downgrade APA's stewardship rating to Standard from Exemplary as we have reduced confidence in management's growth and financial leverage strategies. While long-term contracts and interest rate hedging protect returns in the medium term, APA scr...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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