Duet Posts Soft First Half; No Change to our FVE
No-moat Duet Group posted a soft first-half fiscal 2017 result with only Multinet Gas recording EBITDA growth. Proportionate EBITDA fell 11% to AUD 417 million, though free cash flow was supported by lower interest expense. We downgrade our earnings forecasts to reflect lower-than-previously-expected revenue at the Dampier to Bunbury Pipeline and Energy Developments, and higher depreciation charges. Our medium-term EBITDA forecasts fall by 2% to 3%, but we maintain our AUD 2.80 fair value estima...
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