Solid cash flow from energy retailing helps fund project developments
No-moat Origin Energy plans to divest its conventional upstream gas business via an IPO in 2017 to help reduce its heavy debt load (AUD 9.1 billion in fiscal 2016) and capital expenditure requirements. Financial details will be disclosed at a later date, but we believe proceeds could be more than AUD 1.5 billion. Management expects the sale to be EPS-accretive from fiscal 2019 as interest expense savings offset lost earnings. We make no changes to our forecasts at this stage. We maintain our AUD...Origin Energy is engaged in the operation of energy businesses including: exploration and production of oil and gas, electricity generation, wholesale and retail sale of electricity and gas, and sale of liquefied natural gas. Co. supplies energy to wholesale and retail energy markets in Australia and to the Asia Pacific region. Co. also has exploration and production operations in Australia and New Zealand, with exploration and production interests in the Otway, Bass and Cooper Basins in Australia, the Browse and Perth basins in Australia, the Bonaparte basin in north-western Australia, the Beetaloo Basin in the Northern Territory and the Taranaki and Canterbury Basins in New Zealand.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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