AusNet Reports in Line FY19; FVE Increased 3%
No-moat-rated AusNet Services’ EBITDA, excluding customer contributions, fell 2.5% to AUD 1.07 billion in fiscal 2019 as cost saving initiatives partly offset lower revenue. The result was close to expectations. We increase our fair value estimate 3% to AUD 1.70 per share on the time value of money and minor earnings revisions. At current prices, the stock trades 8% above our valuation. Fiscal 2019 dividends totaled AUD 9.7 cents per share, or cps, up 5% on last year despite lower earnings and c...AusNet Services is an energy delivery business. Co. operates in four segment: electricity distribution, which delivered electricity to over 690,000 customer connection points in eastern Victoria including Melbourne's outer eastern suburbs at Mar 31 2016; gas distribution, which delivered natural gas to over 660,000 customer connection points in central and western Victoria including some of Melbourne's western suburbs at Mar 31 2016; electricity transmission, which is engaged in the transmission of electricity within the state of Victoria; and select solutions, which provides metering, asset intelligence and telecommunication solutions to the utility and infrastructure sectors.
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