Corporate Action: APA Group Posts Soft 1H and Raises Equity; Take Up Entitlements
APA Group's first-half fiscal 2018 EBITDA was down 1% to AUD 755 million, a soft result considering ongoing capital expenditure and contracted tariff increases on most assets. However, a soft result was expected, and our earnings forecasts are left largely unchanged. We maintain our AUD 8 fair value estimate, and consider the stock fairly valued at present. We continue to believe APA Group has a narrow economic moat but reiterate that its best days are likely behind it. Excess returns will trend...
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