Good Result for Spark, but Regulatory Headwinds Damp Longer-Term Outlook
Spark Infrastructure posted a solid 2018 result, with proportional EBITDA up 5% to AUD 825 million. Distributions of AUD 16 cents per security were comfortably covered by look-through operating cash flow of 19.5 cps. The result was in line with our expectations. We have made minor adjustments to our earnings forecasts and remain comfortable with our AUD 2.40 fair value estimate. At current prices, Spark appears fairly valued. There is no change to our opinion that the firm lacks an economic moat...Spark Infrastructure is engaged in investing in regulated electricity distribution and transmission businesses in Australia. Co. reportable segments are: Victoria Power Networks, which represent the 49.0% interest in two electricity distribution businesses in Victoria; SA Power Networks, which represent the 49.0% interest in the electricity distribution business in South Australia; TransGrid, which represent the 15.01% interest in the electricity transmission business in New South Wales; and Other which represents the economic interest in DUET Group, an Australian Securities Exchange listed entity head quartered in New South Wales.
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