Spark's 1H Is in Line with Expectations; No Change to FVE
No-moat Spark Infrastructure's first-half 2017 result was in line with expectations, with proportionate EBITDA up 3% to AUD 391 million as higher tariffs in South Australia offset lower tariffs in Victoria and Transgrid. Earnings also benefited from lower interest rates. We make minor adjustments to our earnings forecasts but maintain our AUD 2.30 fair value estimate. At the current price of AUD 2.60, Spark is overvalued.Spark's share of Victoria Power Networks', or VPN's, EBITDA fell 12% to 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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