Solid First Half for Spark as Tougher Regulation Mostly Offset by Cost Reductions; FVE Lifted 4%
Spark Infrastructure reported a relatively good first-half result considering tough regulatory resets. Underlying profit fell 9% to AUD 127 million, ahead of our expectations on a strong result from Victoria Power Networks, or VPN, which is benefiting from major cost saving initiatives. We upgrade medium-term EBITDA forecasts by 3%-5%, leading to a 4% increase in our fair value estimate to AUD 2.30. Spark is modestly overvalued at current prices around AUD 2.50. There's no change to our opinion ...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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