Market Murmurs: WOR, SHL, APA
The local earnings season rolled along Wednesday in a slightly happier environment for all concerned - here's what Worley Group, Sonic Healthcare and APA Group had to say.
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Apa Group
APA is a leading Australian energy infrastructure business.
We’ve been connecting Australian energy since 2000. From small beginnings we’ve become a top 50 ASX-listed company, employing 1,800 people, and owning and operating the largest interconnected gas transmission network across Australia.
We deliver smart, reliable and safe solutions through our deep industry knowledge and interconnected infrastructure.
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News
Trading Tidbits: WPL, AST, APA, NCK, HUO, SIQ
A busy news day for the ASX on Monday, with Woodside, AusNet, APA, Nick Scali, Huon Aquaculture and Smartgroup all making key announcements to the market. Here are the details.
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APA Comes Over the Top for AusNet
Infrastructure group APA has produced a rival, higher offer for utility AusNet valuing it at $10 billion, a day after the Canadian/US group Brookfield announced its $9.6 billion offer.
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APA Group Takes Massive Hit on Orbost
APA Group has reported a 99 per cent drop in statutory profit in the year to June thanks to the $250 million write-down at the Orbost gas plant in Victoria, as well as other charges.
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APA Talks Up Prospects Despite Loss
APA Group shares fell yesterday after revealing an $11.7 million first-half loss thanks to a $250 million non-cash impairment against the value of its Orbost gas plant in Victoria.
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Analyst Views
APA – UBS rates the stock as Buy
UBS reduces EBITDA estimates by -4-5%, moderating assumptions amid higher corporate costs. Buy rating unchanged. Target is reduced to $10.50 from $11.20.
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APA – Morgans rates the stock as Add
Add rating. The target price is decreased to $10.53 from $10.59.
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APA – Macquarie rates the stock as Outperform
Outperform maintained. Target is reduced to $10.40 from $10.50.
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APA – Macquarie rates the stock as Outperform
Macquarie assesses any potential sale of Epuron would potentially be an attractive alternative to Tilt, to step change APA Group's renewable strategy. The Outperform rating and $10.17 target are unchanged.
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APA – Credit Suisse rates the stock as Neutral
APA Group's FY19 result met consensus and Credit Suisse forecasts and hit the top end of guidance. FY20 guidance missed the broker because of delayed project revenue and higher corporate costs.
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