Spark Looking Reasonable Value, but Better Value Could Emerge in 2017
Spark Infrastructure is trading close to our unchanged AUD 2.30 fair value estimate. We don't believe the firm has an economic moat because of regulatory caps on returns, but it is a solid company and pays attractive dividends. Yield at the current price is over 6% unfranked, and distributions should grow at a moderate rate. Bond yields are likely to trend higher over the medium term, and this can be expected to drag on the performance of highly geared stocks. However, regulated utilities such a...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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