AusNet's Full-Year Earnings a Little Weaker Than Expected; Starting to Look Overvalued
AusNet Services reported a soft fiscal 2017 result with EBITDA (excluding customer contributions, but including finance income from the desalination asset) down 6% to AUD 1,051 million, 3% below our expectations. The result was hurt by lower regulated tariffs and metering revenue in the electricity distribution network and some one-off costs. We downgrade our medium-term earnings and dividend forecasts marginally following the softer-than-expected result. We forecast modestly softer EBITDA next ...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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