AusNet's Near-Term Outlook Good; but Regulatory Headwinds to Intensify in Early 2020s
No-moat AusNet Services' first-half 2019 EBITDA, adjusted to exclude customer contributions that we don't consider real earnings, fell 4% to AUD 594 million as lower revenue at the gas and electricity distribution networks offset a stronger performance at the high-voltage electricity transmission network. The result is tracking broadly in line with our full-year expectations, and we make only minor changes to our earnings forecasts. We maintain our AUD 1.65 per security fair value estimate 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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