Heavy Handed Regulation is the Key Risk for AusNet Services
AusNet Services appears fairly valued at current prices around AUD 1.77, offering a partly franked yield of 5.5%. Distributions should be able to grow in the near term, but there’s risk following its next round of regulatory resets. The regulatory environment will remain tough for the foreseeable future and will limit long-term earnings and distribution growth. There is no change to our AUD 1.65 per security fair value estimate. While AusNet is a solid company, it lacks an economic moat because ...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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