Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Spark Infrastructure Group maiden bought 25,000 shares at 2.200AUD and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
The independent financial analyst theScreener just lowered the general evaluation of SPARK INFRASTRUCTURE GP. (AU), active in the Conventional Electricity industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date February 19, 2021, the closing price was AUD 2...
Spark Infrastructure is a solid regulated utility, paying healthy dividends but with a tough outlook as the regulator looks for ways to reduce utility bills. Spark owns 49% of three electricity distribution networks: CitiPower and Powercor in Victoria (jointly known as Victoria Power Networks); and SA Power Networks in South Australia. It also owns 15% of electricity transmission network TransGrid and 100% of the Bomen solar farm development, both in New South Wales. Regulated revenue is secure ...
No-moat-rated Spark Infrastructure acquired the Bomen solar farm development project near Wagga Wagga in New South Wales. The solar farm will start in mid-2020, will cost AUD 188 million, and should add around AUD 10.5 million, or 1.3%, to annual EBITDA. Management believes the acquisition is accretive to value and distributions, but we are not convinced. While tough regulatory conditions mean there’s logic in diversifying away from regulated assets, there are material risks with intermittent ...
No-moat-rated Spark Infrastructure acquired the Bomen solar farm development project near Wagga Wagga in New South Wales. The solar farm will start in mid-2020, will cost AUD 188 million, and should add around AUD 10.5 million, or 1.3%, to annual EBITDA. Management believes the acquisition is accretive to value and distributions, but we are not convinced. While tough regulatory conditions mean there’s logic in diversifying away from regulated assets, there are material risks with intermittent ...
No-moat-rated Spark Infrastructure acquired the Bomen solar farm development project near Wagga Wagga in New South Wales. The solar farm will start in mid-2020, will cost AUD 188 million, and should add around AUD 10.5 million, or 1.3%, to annual EBITDA. Management believes the acquisition is accretive to value and distributions, but we are not convinced. While tough regulatory conditions mean there’s logic in diversifying away from regulated assets, there are material risks with intermittent ...
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 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 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...
The Federal Court has sided with the Australian tax office and decided Victoria Power Networks (49% owned by Spark) must pay tax on customer contributions. This controversial decision will impact the entire industry, including Spark’s other assets, unless successfully appealed. We have long maintained earnings from customer contributions are an accounting quirk and do not represent real earnings, so are surprised with this decision. The unfavourable court decision caused Spark to downgrade 201...
The Federal Court has sided with the Australian tax office and decided Victoria Power Networks (49% owned by Spark) must pay tax on customer contributions. This controversial decision will impact the entire industry, including Spark’s other assets, unless successfully appealed. We have long maintained earnings from customer contributions are an accounting quirk and do not represent real earnings, so are surprised with this decision. The unfavourable court decision caused Spark to downgrade 20...
The Federal Court has sided with the Australian tax office and decided Victoria Power Networks (49% owned by Spark) must pay tax on customer contributions. This controversial decision will impact the entire industry, including Spark’s other assets, unless successfully appealed. We have long maintained earnings from customer contributions are an accounting quirk and do not represent real earnings, so are surprised with this decision. The unfavourable court decision caused Spark to downgrade 201...
On Dec. 17, 2018, the Australian Energy Regulator, or AER, released its 2018 Final Report on the Review of Regulatory Tax Approach, where it outlined a list of recommended changes to its approach when setting tax allowances for regulatory energy networks. This initiative represents yet another regulatory attack to limit profitability of regulated utilities, after the cost of equity allowance was slashed in recent resets and limits were imposed on operating cost allowances. The systematic heavy-h...
On Dec. 17, 2018, the Australian Energy Regulator, or AER, released its 2018 Final Report on the Review of Regulatory Tax Approach, where it outlined a list of recommended changes to its approach when setting tax allowances for regulatory energy networks. This initiative represents yet another regulatory attack to limit profitability of regulated utilities, after the cost of equity allowance was slashed in recent resets and limits were imposed on operating cost allowances. The systematic heavy-h...
Reporting Season Performance. Our recently published Earnings Season Wrap highlighted concerns about the number of downgrades to FY19 earnings during the reporting period, particularly in Mining, Financials and Consumer Discretionary. Taking a Leap of Faith. ALU, WEB, SKI, SGP, CHC and SWM have seen not only strong increases in consensus EPS growth forecasts, but the strong net number of upgrades add a further layer of conviction to the outlook for these stocks. Clearing the Decks with C...
Spark Infrastructure reported a good first-half result and is tracking a little better than we were expecting. Proportional EBITDA increased nearly 8% to AUD 420 million on stronger earnings at Victoria Power Networks and TransGrid, while earnings at SA Power Networks fell marginally. Proportional operating cash flow increased 7% to AUD 135 million, or AUD 8 cents per security, which was in line with distributions to security holders. We slightly increase our full-year earnings forecasts but rem...
Spark Infrastructure is a solid regulated utility, paying healthy dividends but with modest growth. It owns 49% of three electricity distribution networks: CitiPower and Powercor in Victoria, and SA Power Networks in South Australia. It also owns a 15% stake in TransGrid in New South Wales. All have secure, predictable, and regulated revenue streams, with pricing typically reset every five years. Unregulated and semiregulated revenue comprises roughly 10% of group revenue, typically providing hi...
Spark Infrastructure reported a good first-half result and is tracking a little better than we were expecting. Proportional EBITDA increased nearly 8% to AUD 420 million on stronger earnings at Victoria Power Networks and TransGrid, while earnings at SA Power Networks fell marginally. Proportional operating cash flow increased 7% to AUD 135 million, or AUD 8 cents per security, which was in line with distributions to security holders. We slightly increase our full-year earnings forecasts but rem...
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