Don't Read Too Much into AusNet's Good 1H; Stock Remains Overvalued
No-moat AusNet Services posted a good first-half result, with EBITDA excluding customer contributions up 7% to AUD 622 million. The result was driven by regulated tariff increases, a reliability bonus and stronger volumes which benefited from colder winter weather. However, bonuses may not repeat and most earnings from the extra volumes will be clawed back in future periods. Earnings face other headwinds as well, including an imminent gas regulatory reset and lower smart electricity meter revenu...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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