SP Ausnet owns and operates electricity transmission and electricity and gas distribution assets in Victoria Australia. As a utilities business, it operates in very highly regulated mkts, and in most cases, business appears unexciting but stable and dividends are often sought after by investors in such businesses.
Counter has been very thinly traded over the last yr and is off any houses coverage, with avg vol for the last few mths at approximately 20-50 lots done/day. Based on Co’s latest 1H12 results, grp saw an increase in yoy total rev of 5.7% to A$831m, a 6.5% increase in EBITDA and a 3.7% increase in EBIT. Driving these results has been a combination of price adjustments, continued growth in o regulated asset base and higher rev contributions from Select Solutions.
An interim distribution of 4 Aus cents was also declared, and grp appears on track to deliver a full-yr distribution of 8 Aus cents. Grp has recently just refinanced its debt, via the raising of A$272m of bonds. Next major refinancing is due in Mar13.
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