Tag: Top Stories

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Commodities Trading Ideas & Charts

AusNet’s Returns Are Falling but Revenue to Rise on Network Expansion

Business Strategy and Outlook

AusNet Services’ security price has risen in recent months in sympathy with Spark Infrastructure, after the latter received a takeover offer. While the two businesses are very similar, AusNet is 51%-owned by Singapore Power and China’s State Grid, which may deter any takeover approach. AusNet trades at a 16% premium to our unchanged AUD 1.70 fair value estimate, offering a distribution yield of 4.8% with modest growth potential.

 As the owner of monopoly infrastructure assets, revenue is highly defensive but heavyhanded regulation rules out excess returns and thus an economic moat. Returns at its three regulated networks are reset every five years to ensure they aren’t overearning, with no meaningful ability to appeal decisions. Slightly better returns can be achieved by cutting costs below allowances set by the regulator. But cost allowances get trued up every five years and outperforming is getting more difficult as privatised networks get more efficient.

Company’s Future Outlook

Timing of the Victorian electricity distribution network’s regulatory reset was fortuitous. The spike in 10-year government bond yields in early 2021 resulted in an allowed return on equity of 5.1% for the distribution network for the five years to mid-2026, up from 4.6% in the draft decision. All else being equal, we estimate this translates to an additional AUD 100 million, or 2.6 cents per security, in earnings each year compared with the draft decision. Bond yields have since weakened but we expect them to trend higher over the long term, pushing allowed returns on equity higher.

For now, an allowed return of 5.1% isn’t too bad. While allowed return on equity has fallen from 7.5% in the prior period, we expect the 30% larger regulated asset base to drive a near 10% increase in average revenue for the next five years. The draft decision for the Victorian electricity transmission network uses a 5.3% allowed return on equity, but that will likely fall to 4.9% in the final decision later this year if government bond yields remain around current levels. That represents a significant fall from 7.1% in the past five years. Revenue, however, should get a boost from lower inflation forecasts and an expanded regulated asset base.

Company Profile 

AusNet Services is a diversified energy infrastructure business, operating Victoria’s primary electricity transmission network, an electricity distribution network in eastern Victoria and a gas distribution network in western Victoria. Singapore Power owns 31% of AusNet, and China’s State Grid owns 20%.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Dividend Stocks

Health and Human Services and Congressional Plans to CutDrug Prices Look Manageable by the Industry

Novartis is well positioned for steady long-term growth. Strong intellectual property supporting multi-billion-dollar products, combined with an abundance of late-pipeline products, creates a wide economic moat. While patent losses on anemia drug Exjade and cancer drug Afinitor will weigh on near-term growth, a strong portfolio of drugs along with a robust pipeline should ensure steady long-term growth.

Novartis’ drug segment is poised for long-term growth driven by new pipeline products and existing drugs. Novartis’ strategy to focus largely in areas of unmet medical need should strengthen the firm’s pricing power. Additionally, Novartis differentiates itself by its sheer number of blockbusters, including Entresto for heart failure, Cosentyx for immunology diseases and Tasigna for cancer. Also, it has generated a strong late-stage pipeline with recent launches of migraine drug Aimovig and cancer drug Kisqali. Despite the patent losses on Exjade and Afinitor (and potentially multiple sclerosis drug Gilenya), the combination of a strong pipeline of new products and a diverse, well-positioned operating platform should translate into steady growth.

Financial Strength

Using estimates from the Congressional Budget Office for the impact of HR3, we previously estimated that U.S. branded drug sales could fall 21% below our current forecasts if international price benchmarking were applied to Medicare and private plans, with up to a 40% impact if such a system were applied to all drugs (the plan would likely only apply to a basket of drugs) and if drug firms were not able to offset these prices with international price increases. Based on our prior analysis of rebates in Medicaid and the VA, the impact of domestic reference pricing could also be sizeable, as high as 20%, if applied to all of Medicare (assuming no offsets).

Upcoming congressional proposals on lowering drug pricing as well as a recent plan from the Department of Health and Human Services have put U.S. drug pricing policy back in the spotlight. Congress is reconvening and will work to pass a $3.5 trillion budget reconciliation package, and Politico reported that House Democrats plan to include Medicare drug price negotiation (along with other elements of the HR3 bill, which was originally introduced and passed in the House in 2019) in their budget reconciliation package.

Company Profile 

Novartis AG develops and manufactures healthcare products through two segments: Innovative Medicines and Sandoz. It generates the vast majority of its revenue from Innovative Medicines segment consisting global business franchises in oncology, ophthalmology, neuroscience, immunology, respiratory, cardio-metabolic, and established medicines. The firm sells its products globally, with the United States representing close to one third of total revenue.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

Wilson Asset Management Reports Record Operating Profit and Maintains Final Dividend

Currently, last traded price is $2.345. Till June 2021 net profit is 266.62 Million while Revenue is 379.57 Million.

Till 31 July 2021, Pre – tax net tangible asset is $1.89 while post – tax net tangible asset is $1.93 and Annualised dividend yield is 7 percent.

Gross asset of Wilson Asset Management Capital Limited is 1,682.2 Million.

WAM Capital’s Investment portfolio has returned 16.6 percent p.a and their overall 22 years outperforming the market by 7.9 percent p.a.

WAM Capital Limited ((WAM)) reported a record operating profit before tax of $343.3 million for fiscal year 21 due to strong portfolio performance. In FY21, WAM’s investment portfolio increased 37.5 percent (before expenses, fees, and taxes). 

The final dividend was maintained at 7.75cps, fully franked, bringing the full year dividend to 15.5cps, fully franked. This is consistent with the full-year dividend for fiscal year 2020.

WAM offered the most appealing dividend yield for domestic equity LICs as of 31 July 2021, with a dividend yield of 7.01 percent despite trading at an 11.6 percent premium.

Company Profile 

WAM Capital Limited (WAM) is an Australia-based investment company, which is primarily an investor in equities listed on the Australian Securities Exchange. The Company’s investment objectives are to deliver a stream of fully franked dividends, provide capital growth and preserve capital. The Company engages in investing activities, including cash, term deposits and equity investments. The Company’s trading opportunities are derived from initial public offerings, placements, block trades, rights issues, corporate transactions (such as takeovers, mergers, schemes of arrangement, corporate spinoffs and restructures), arbitrage opportunities, listed investment companies (LIC) discount arbitrages, short selling and trading market themes and trends. Wilson Asset Management (International) Pty Limited is the Company’s investment manager.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Commodities Trading Ideas & Charts

Ampol Ltd. reports 85% rise in EBIT during 1H21

Investment Thesis:

  • Short term challenges being cyclical in nature when coupled with the impacts of the Covid-19 brings muted outlook for the company in terms of the earnings 
  • ALD operates in the market which offers very high market entry barrier restricting the number of players
  • Replication of the infrastructure and supply chain process is difficult
  • Refinery capacity is set to be exceeded by the regional product growth over the duration of next five years, thereby putting the Lytton refinery business in top notch position
  • Acquisitions would further lead the way towards market expansion
  • Refining to be provided less exposure
  • Significant growth is expected to be delivered during the medium to long term duration by revamping retail/convenience model
  • Management of capital in an efficient manner

Key Risks:

  • Lytton refinery facing operational and incident risks
  • Impact of Coronavirus on refinery margins
  • Continuation of drop in refinery margins
  • Refinery and retail facing competitive pressures
  • Currency movements in adverse directions (USD and AUD)
  • Longer term disruption from Electronic Vehicles (EV).
  • Regulatory risk.
  • Class actions by franchisees or employees (e.g. employee underpayments by franchisees). 

Key Highlights:

  • ALD reported 70.8% increase in 1H21 RCOP NPAT to $205m mainly driven by Fuels & Infrastructure business, which delivered an +85% increase in EBIT largely due to the improvement in profitability of the Lytton refinery and the receipt of the Federal Government’s Temporary Refining Production Payment of $40m
  • Strong balance sheet with high amount of liquidity and proforma leverage of 1.6 times
  • Net borrowings were $735m, i.e. up by 69% over 2H20, reflecting the $300m off-market buy-back during the period
  • Shareholder returns continued with the Company completing $300m off-market buy-back
  • Declaration of a fully franked interim dividend of 52 cps, representing a 61% payout ratio of 1H21 RCOP NPAT
  • A non-binding indicative proposal to acquire Z Energy (a Wellington headquartered fuel distribution and retailing company that owns and manages 330 fuel stations and truck shops in NZ) funded through new debt facilities, proceeds from any divestments and an equity issuance in the order of ~A$600m
  • The segment of Fuels & Infrastructure (ex-Lytton) RCOP EBIT declined 7% to $159m primarily due to a reduction in earnings from Trading and Shipping as the elevated imported volumes in 2020 were replaced by Lytton refinery production in 1H21.
  • Total Convenience Retail segment fuel sales volumes were 2.05bl, +3% higher over pcp (+5% on a like-for-like basis), however, earnings from fuel sales declined due to diesel margins lagging movement in crude prices

Company Description:

Ampol Limited (ALD) purchases, refines, distributes and markets petroleum products in Australia. The company’s products include petroleum, motor oil, lubricants, diesel fuel and jet fuel. Caltex also operates convenience stores, fast food stores and service stations throughout Australia. ALD operates one refinery (Lytton, QLD), 25 terminals, 107 depots and about 2,000 service stations and diesel/truck stops.  The Caltex infrastructure network is a key competitive advantage

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Technology Stocks

Link Administration Holdings announced $150 million on-market buyback

Investment Thesis

  • Leveraged on ongoing administration outsourcing by retail super funds.
  • LNK is still vulnerable to any further increase in PEXA’s valuation.
  • Fund Administration contract wins and increased market activity
  • Delivering on its offshore expansion storey successfully.
  • The cost out programme improves efficiency.
  • Uncertainty about Brexit will be removed, as will the potential discount assumed in current valuation / share price.
  • Bolt-on acquisitions that add value.
  • Currency movements that are favourable.
  • Capital management – As part of the FY21 results, a $150 million on-market buyback was announced.

Key Risks

  • Lower market activity and business / investor confidence.
  • Fund administration lost major client contracts.
  • Adverse changes in super regulatory environment e.g – super account consolidation.
  • Lack of product development.
  • Fluctuation in currency movement.
  • Discontinuation of the current share buyback to conduct a large-scale acquisition. 

FY21 Results Highlights 

  • Revenue of $1,160m was a -6% decline, “due to the impact of Covid-19 on the European business and regulatory changes in retirement and superannuation solutions resulting in lower following the transfer of many low balance inactive accounts to the ATO”.
  • Operating EBIT of $141m was a -21% decline.
  • Operating NPATA of $113m was -18% lower PEXA’s positive $32.7m contribution.
  • Statutory NPAT of -$163m, was a worst result that the -$103m in FY20, due to non-cash impairment charge of $183m for the Banking & Credit Management business which continues to see low levels of new activity because of Covid-19 and high levels of government intervention reducing portfolio sales in this market.
  • LNK saw net operating cash flow of $293m, down -8%. Net operating cash flow conversion was 114%.
  • LNK retained a strong balance sheet with net debt was down $296m to $455m and leverage ratio (Net Debt/EBITDA) down from 2.7x to 1.8x (below the bottom of guidance leverage ratio).
  • LNK received $180m of net proceeds received from the PEXA IPO.
  • Company announced an on-market buyback of up to $150m.

Company Profile 

Link Administration Holding Ltd (LNK) is the largest provider of superannuation fund administration services to super fund in Australia. Further, the Company is also a leading provider of shareholder management and analytics, share registry and other services to corporates in Australia and globally. The Company has 5 main divisions:(1)Retirement & Super Solutions (RSS), (2) Corporate Markets (CM), (3) Technology &Operations (T&O), (4)Fund Solutions (FS) and (5) Banking & Credit Management (BCM). LNK was listed on the ASX in October 2015. 

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Commodities Trading Ideas & Charts

South32 continue to provide solid returns for the near term

Investment Thesis:

  • Prices of S32’s key commodities are expected to be in moderate to relatively flat range in comparison to FY21 realised prices
  • The company is expected to produce significant free cash flow over the next three years, which would be adequate to support growth and capital management
  • Substantial cash balance would provide flexibility and capital management 
  • Board to expand S32’s capital management program by $120m to $2bn, excluding $252m to be distributed to shareholders  
  • Regular dividends are being paid inspite of uncertainty and volatility   
  • Both Standard and Poor’s and Moody’s reaffirmed their respective BBB+ and Baa1 credit ratings

Key Risks:

  • Key commodity prices decrease
  • Global growth experiencing significant shock
  • Inflationary pressures leading to cost blowouts and production disruptions 
  • Capital management initiatives are not handled by company adequately 
  • Currencies witnessing adverse movements 
  • Acquisition which may negatively impact the value of the organisation

Key Highlights:

  • Despite ongoing challenges put forth by pandemic, record production has been observed in Worsley Alumina, Brazil Alumina and Australia Manganese 
  • Divestment of South Africa Energy Coal, the TEMCO manganese alloy smelter, and a portfolio of no-core precious metals royalties with the aim to reduce capital intensity and improve underlying operating margin
  • Declaration of 2H21 dividend of 3.5cps, fully franked, at a payout ratio of 46% of underlying earnings. An addition of special dividend of 2.0cps was also declared, bringing the total dividend to 6.4cps versus 3.2cps in FY20.
  • Strong operating performance and higher commodity prices drove a +153% increase in underlying earnings to $489m
  • Underlying EBITDA of $1,564m was up +32%
  • Margin of 26.4% up from 21.9% in FY20
  • Underlying EBIT of $844m was up +89% from $446m in FY20, driven mainly by higher prices in aluminium, silver, zinc, nickel partially offset by the lower prices of coal, manganese ore and alumina
  • Higher sales volume of $115m
  • Controllable costs of $238m; offset by change in exchanges which reduced earnings by $185m, and higher electricity costs of ($103m)
  • Allocation of $346m for an on-market share buy-back

Company Profile:

South32 (S32) is a globally diversified metals and mining company. S32’s strategy is to invest in high quality metals and mining operations where their distinctive capabilities and regional model enables them to extract sustainable performance. The regional model means their businesses are run by people from within the region. The company’s African operations are supported by a regional office in Johannesburg South Africa and Australian and South American operations by an office in Perth.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Dividend Stocks

Treasury Wines Estates long-term dividend policy

Investment Thesis

  • Chinas investigation outcomes are better than expected.
  • There is a significant opportunity to expand its Asian business (reallocation opportunities).
  • Premiumization and good cost control provide opportunities for group margin expansion.
  • The recovery in America’s business could result in significantly higher margins.
  • Currency movements in favour (due to a falling AUD/USD).
  • Additional capital-management initiatives.

Key Risks

  • Further deterioration (or worst than expected) outcome from china tariff / investigation.
  • United States turnaround disappoints.
  • Consumptions of wine decreases in the key market.
  • Unfavorable condition in demand and supply of wine’s global market.
  • Increase competition in key market.
  • Currency fluctuations that are unfavorable (negative translation effect).
  • Changes in Chinese policy and/or demand have an impact on volume growth.

FY21 Results Highlights

  • EBITS of $510.3 Million, was in line with the pcp, on EBITS margin 0.6ppts higher to 19.9%. On an organic basis, EBITS was up +3%, reflecting top-line growth driven by $10-30 Premium portfolio and improved CODB, partially offset by ongoing impacts from the pandemic, significantly reduced shipments to Mainland China (due to import duties) and higher COGS on Australian sourced wine.
  • Strong operating cash flow reflects a lower Californian vintage intake and adjusted Australian vintage, in addition to shift in regional sales mix in Asia. Cash conversion of 100.8% (or 96.9% excluding the changes in non-current luxury and premium inventory) was in line with TWE’s target of 90% or above.
  • Net debt declined $376.5m to $1,057.7m as a net debt to EBITDAS of 1.6x improved from 2.1x at year end. TWE has total available liquidity of $1.2billion at year ended versus $1.4billion at FY20 end.
  • Return on Capital Employed improves 0.6ppts to 10.8%.
  • The board declared a final dividend of 13.0cps, up and resulted in the full year dividend of 28.0cps (equating to payout of 65% of NPAT, consistent with TWE’s long term dividend policy). 

Company Profile 

Treasury Wine Estates (TWE) is one of the world’s largest wine companies listed on the ASX. As a vertically integrated business, TWE is focused on three key activities: grape growing and sourcing, winemaking and brand-led marketing. Grape Growing & Sourcing – TWE access quality grapes from a range of sources including company-owned and leased vineyards, grower vineyards and the bulk wine market. Winemaking – in Australia, TWE’s winemaking and packaging facilities are primarily located in South Australia, NSW and Victoria. The Company also has facilities in NZ and the US.  Brand-led Marketing – TWE builds their brands through marketing and distributes its products across the world.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Shares Small Cap

AUB Group Earnings remain resilient as ever despite uncertainty

AUB brokers derive revenue from commissions paid by insurers, based on gross written premiums. AUB owns or has equity stakes in each broking business within the network.

A key value proposition over smaller brokers is AUB’s ability to negotiate more favourable policy wording and pricing. Scale also provides the capacity to spend more on technology, which helps facilitate greater analytical and processing capabilities, and marketing to help attract and retain customers. Other services such as claims support and premium funding support the value proposition. AUB’s underwriting agencies distribute insurance products but take no underwriting risk. Underwriting agencies act on behalf of insurers to design, develop, and provide specialised insurance products and services.

The earnings outlook is positive. Further insurance price rise is expected by the analysts over the medium term as insurers seek to cover claims inflation and weak investment income. This follows a weak pricing environment due to excess global reinsurance capacity, soft economic conditions, and elevated competition.

Financial Strength:
AUB is in sound financial health. It has strong cash flow generation with a high conversion of earnings to operating cash flow and a relatively high dividend payout ratio. Gearing ratio is reasonable, at 28.5% and below the firm’s maximum 45% ratio. AUB holds AUD 90 million in cash, which when included lowers gearing further. This is excluding customer cash for premium held by AUB but payable to insurers. EBITDA interest covers of over 16 times and the nature of its businesses being relatively low-risk. As per the analysts, AUB would be using operating cash flows to fund increased positions in existing broker partners, with provision to fund small acquisitions from cash on hand.

Bulls Say:
AUB’s scale and expertise in insurance products and services leave it well placed to benefit from higher insurance pricing.
BizCover and the Kelly+ Partners partnership see AUB placed to take market share in the smaller end of the SME market.
The firm’s acquisition strategy, both new investments and increased equity stakes, would boost EPS growth.

Company Profile:
AUB Group is the second-largest general insurance broker network in Australia and New Zealand. It has an ownership in 55 brokerage businesses, which collectively write over AUD 3 billion in premiums. It also owns equity stakes in 27 underwriting agencies. AUB derives revenue from commissions (from insurers, ultimately paid for by AUB’s customers) based on gross written premium, or GWP, from agencies it owns, and a share of profits from associates and joint ventures. GWP is split between personal (6%), small to medium enterprises (68%), and corporates (26%).

(Source: Morningstar)

General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Technology Stocks

NEXTDC reports strong results as of ongoing cloud adoption

Investment Thesis

  • Australia is still in the early stages of cloud adoption. The NBN’s implementation will drive demand from cloud providers for NXT’s asset follows more efficient and cheaper broadband. 
  • Extremely high-quality collection of sites.
  • Tier 4 gold centers focus on the premium end where pricing is more stable.
  • NXT has balance sheet capacity to handle more debt and self fund expansion through operating cash flow from the base building. 
  • Capital intensive nature of the sector provides a high barrier to entry.
  • Government adoption of cloud and the subsequent need to outsource present an opportunity.
  • Sticky customers are unlikely to churn which creates a strong customer ecosystem.
  • The Company’s national footprint enables it to scale more effectively than competitors.
  • Margin expansions demonstrate strong operating leverage.
  • Additional capacity has been announced.
  • Given the global demand for data, mergers and acquisitions are on the rise.

Key Risks

  • There is no product diversification (NXT only operates data centres).
  • NXT and competitors have significantly increased their supply of data centres.
  • Delays in the construction or ramp-up of data centres have an impact on the earnings growth profile.
  • Pressures from competitors (price discounting by NXT or competitors).
  • Higher power densities in Australia as a result of increased average rack power utilization.
  • Inadequate customer demand to generate a satisfactory return on investment.
  • NXT’s ability to expand and pursue growth opportunities may be hampered if sufficient capital is not obtained on favourable terms.
  • The risk of leasing (NXT does not own the land or building where its data centres are situated).

FY21 results highlights 

  • Data center service revenue was up +23% to $246.1million and at the bottom end of upgraded guidance of $246m to $251m.
  • Underlying EBITDA increased by +29 percent to $134.5 million, exceeding the company’s revised guidance of $130 million to $133 million.
  • Operating cash flow increased by 148% to $133.2 million.
  • Capex was down -18% to $301 million, falling short of the $380-400 million range.
  • NXT had $1.7 billion in liquidity (cash and undrawn debt facilities) at the end of the fiscal year, and its balance sheet strength is supported by $2.6 billion in total assets, indicating that it is well capitalised for growth.
  • Contract utilisation increased by 8% to 75.5MW. (7) NXT’s customer base increased by 183 (or 13%) to 1,547.
  • Interconnections grew 1,667 (or +13%) to 14,718, and now equates to ~7.7% of recurring revenue.

Company Profile 

NEXTDC Limited (NXT) is a Data-Center-as-a-Service (DCaaS) provider offering a range of services to corporate, government and IT services companies. NXT has a total of five data centers located in major commerce hubs in Australia, with three more due to be completed within the next 2 years. These facilities are network-neutral, meaning they operate independently of telecommunication and IT service providers. Currently NXT has a total of 34.7 MW built for data and serving housing, with a target to reach 104.1MW by the end of 1H18. 

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Commodities Trading Ideas & Charts

Australian Pipeline to offer a whopping dividend of 6%

Investment Thesis

  • Difficult part to replicate is high quality assets.
  • Attractive and Growing distribution yield.
  • Highly credit worthy customers.
  • Currently, the US focuses on assessing international opportunities.
  • Growth through acquisitions.
  • Customers are diversified by sectors.
  • Largest owner of gas transmission pipelines in Australia.
  • Opportunity to grow its renewable business.
  • Management announced their ambition to achieve net zero operations emissions by 2050.

Key Risks

  • Negative market/investor sentiment toward “bond proxies.”
  • Pipeline regulators may make future regulatory changes.
  • The energy sector affects a large number of businesses.
  • Issues with infrastructure, such as explosions or ruptures.
  • COAG’s adverse decision examines transmission costs.
  • Contract terms on existing capacity are being shortened.

FY21 Result Summary

  • Revenue (excluding pass-through) increased +0.7% year on year to $2,144.5m, boosted in part by a partial year contribution from the Orbost Gas Processing Plant.
  • Underlying EBITDA decreases -1.3% over pcp to $1,633million, due to increased investment in strategic development opportunities and capability, higher insurance and compliance cost and softer contract renewals in challenging market conditions.
  • NPAT (excluding significant items) was down -9.6% to $281.8m due to the lower EBITDA and higher depreciation costs from growing asset base. Reported NPAT was $3.7m, impacted by the $249.3m non-cash Orbost impairment charge and $148m in finance costs associated with bond note redemptions.
  • Total capex increased +3.3 percent year on year to $432.5 million (growth capex decreased -1.5 percent to $283.5 million and stay-in-business capex increased +23 percent to $134.6 million), with management expecting organic growth capex to exceed $1.3 billion over FY22-24, up from $1 billion in 1H21.
  • Free Cash Flow of $901.9 million was down -5.7 percent year on year, owing primarily to a one-time distribution and interest earned by APA from its investments in SEA Gas in FY20. Approximately, 6% dividend is offered by Australian Pipeline Trust Group.

Company Profile 

APA Group Limited (APA) is a natural gas infrastructure company. The Company owns and/or operates gas transmission and distribution assets whose pipelines span every state and territory in mainland Australia. APA Group also holds minority interests in energy infrastructure enterprises. APA derives its revenue through a mix of regulated revenue, long-term negotiated contracts, asset management fees and investment earnings.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.