AusNet Concedes Defeat to Canadian Group
AusNet Services has thrown in the towel and agreed to an improved takeover offer from a consortium led by Canadian investor Brookfield Asset Management over a rival proposal from APA Group.
Read MoreTag: AST
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.
Read MoreAST – Morgans rates the stock as Hold
Morgans maintains its Hold rating, with both Brookfield and APA Group ((APA)) bidding for the business. The target price of $2.50 is retained, which is in-line with the all-cash offer.
Read MoreAusNet Treats Bids on First Come, First Served Basis
Securities in AusNet and APA Group headed in different directions yesterday as investors reacted to the news that the latter’s near $10 billion cash offer was on hold for the time being.
Read MoreAST – UBS rates the stock as Neutral
The Neutral rating and $1.80 target price are unchanged.
Read MoreAPA 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.
Read MoreMore to AusNet Deal than Meets the Eye
On the face of it the bid for Australian power distributor AusNet Services is just another rather large deal, but in fact it allows two major Asian companies to make a graceful exit from Australia.
Read MoreAST – UBS rates the stock as Neutral
The Neutral rating and $1.80 target are retained.
Read MoreAST – Credit Suisse rates the stock as Neutral
Neutral maintained. Target is reduced to $1.75 from $1.95.
Read MoreAST – UBS rates the stock as Neutral
Target falls to $1.80 from $1.90, Neutral retained.
Read MoreAST – Morgans rates the stock as Hold
The Hold rating is unchanged and the target price is decreased to $1.82 from $1.86.
Read MoreAST – Citi rates the stock as Upgrade to Neutral from Sell
Citi does not believe AusNet will be able to grow dividends faster than inflation for years to come and thus prefers APA Group ((APA)) instead. Target price is $1.81.
Read MoreCautious Ausnet Cuts Dividend Despite Profit Hike
Securities in Victorian electricity and gas supplier and network operator AusNet Services rose nearly 3% yesterday after it trimmed its payout off the back of a 31.4% jump in first-half post-tax profit to $225.7 million.
Read MoreAST – Macquarie rates the stock as Neutral
The Australian Energy Regulator’s draft decision adds to revenue in the next 2-3 years, Macquarie observes. The broker notes Ausnet Services has avoided ambitious expenditure claims, which has meant the majority of its expenditure is accepted.
Read MoreAST – UBS rates the stock as Downgrade to Neutral from Buy
Underlying net profit in FY20 beat UBS estimates. The broker estimates the current pandemic relief package reduces FY21 revenue by around -1.5%.
Read More“A Range Of Challenges”: AusNet Warns On Lower Dividends
There are COVID-19 concerns and strains at Victorian electricity and gas distributor AusNet. While the utility yesterday revealed that it had lifted its full-year payout on an improved profit result in 2019-20, it warned that it was looking at lower payouts for this financial year.
Read MoreAST – UBS rates the stock as Buy
UBS anticipates new renewable projects in Victoria along with the company’s success in securing the western Victoria transmission upgrade could mean there are a number of catalysts to be outlined at the FY20 results on May 12.
Read MoreBushfire Impact: Affected Stocks
With the prolonged bushfire crisis now abated thanks to the efforts of Mother Nature and tireless firefighters, Tim Boreham ponders the effect of the firestorm on listed equity exposures.
Read MoreAST – UBS rates the stock as Reinstate Coverage with Buy
UBS reinstates coverage with a Buy rating and $1.85 target. The broker assesses the company’s regulated electricity and gas networks face a reduction in the rates of return at the forthcoming regulatory re-sets.
Read MoreAST – Morgans rates the stock as Hold
Earnings lifted in the second half of FY19 and beat Morgans’ forecast. Excluding customer contributions, operating earnings (EBITDA) were flat but still exceeded forecasts by 4%. Distribution guidance of 10.2c per security for FY20 implies 5% growth on a cash yield of 5.6%.
Read MoreAusNet Dividend Up Despite Revenue Slip
Energy group, AusNet has lifted its final dividend despite a near 13% drop in full-year profit to $253.9 million but says it expects to lift pay out again in the 2019-20 financial year which started on April 1.
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