Lifting our FVE for Spark 4% to AUD 2.40; Looks Fairly Valued at Present
Following a series of minor forecast revisions, our fair value estimate for no-moat Spark Infrastructure increases 4% to AUD 2.40 per security. We have also changed the way we report our numbers to now proportionally consolidate the 15.01% stake in TransGrid. We already proportionally consolidated the 49% stakes in Victoria Power Networks, or VPN, and South Australia Power Networks, or SAPN. At current prices around AUD 2.40, the stock is fairly valued. 2018 distribution guidance is AUD 0.16 cen...
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