Solid assets and an improved balance sheet attract but long-term distribution growth may disappoint.
Duet's fiscal 2016 proportionate adjusted EBITDA was AUD 774 million, 2% below our expectations. EBITDA was up 35% on 2015, mainly because of the EDL acquisition. Normalised for acquisitions, EBITDA was up 3.9%, driven by full-year contributions from new pipelines held in the DBP Development Group and growth at Energy Developments. We reduce our medium-term EBITDA forecasts by 1%-2%, but this is immaterial to our unchanged fair value estimate of AUD 2.10. We believe Duet is significantly overval...
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