Morningstar - Vector Ltd (VCT) Updating Our Forecasts Following Vectors Result; No Change to FV

Report

Morningstar

Adrian Atkins

EUR 147.86 For Business Accounts Only

Updating Our Forecasts Following Vector's Result; No Change to FV

We are updating our forecasts for Vector Limited after remodelling the company to incorporate its fiscal 2016 results. Guidance is for fiscal 2017 underlying EBITDA of NZD 460 to 475 million. Guidance suggests the firm is likely to marginally beat our prior fiscal 2017 EBITDA forecast of NZD 461 million, which we upgrade 2% to NZD 470 million. We forecast modest growth in the medium term, driven by reinvestment in the regulated networks and growth in the technology business.Â
We maintain our NZD...

29/08/2016 13 EN

Underlying

Vector Ltd

Vector and its subsdiaries are primarily engaged in electricity distribution, gas transportation, natural gas and liquefied petroleum gas (LPG) sales, gas processing, metering and telecommunications in New Zealand. Co. reports on four operating segments: Electricity, which is engaged in electricity distribution services; Gas Transportation, which is engaged in gas transmission and distribution services; Gas Wholesale, which is engaged in natural gas and LPG sales, storage and processing, and cogeneration; as well as Technology, which is engaged in telecommunications and metering services. As of June 30 2015, Co. had 544,513 electricity customers and 163,243 distribution customers.

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NZVCTE0001S7 NZX New Zealand

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Adrian Atkins

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Updating Our Forecasts Following Vector's Result; No Change to FV

An unfavourable environment weighs on VECTOR, which sees a downgrade to Neutral

Vector Limited: 1 director bought

VECTOR Limited: Update following FY17 results announcement

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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