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General Information

Ethane Pipeline Income Fund
EPX
http://www.ethanepipeline.com.au
Gas Utilities
123
69

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$1.78 $1.78 $1.78 $1.78 $1.78 58430 - ( No change )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Strong Buy
17/02/2015

Company Overview

Business Description
Ethane Pipeline Income Fund (EPX) is engaged in an investment in the Moomba to Sydney Ethane Gas Pipeline infrastructure in Australia through its wholly owned subsidiary, Gorodok Pty Limited. EPX comprises two stapled trusts which are Ethane Pipeline Income Trust and Ethane Pipeline Income Financing Trust. The responsible entity of the fund is APA Ethane Limited.
Strategy Analysis
MIT's principal asset is Gorodok Pty Ltd which owns the Moomba to Sydney Ethane Gas Pipeline. Its source of revenue is from transporting ethane through the Pipeline under the PTA which continues until 2030. The revenue of the Pipeline business is generated pursuant to a Product Transportation Agreement (PTA) between the Pipeline Company and Qenos under which Qenos purchases Pipeline capacity for the transportation of ethane from the Moomba Facility to the Botany Plant. In 2008 Mariner Securities Limited (MSL) sold its remaining units together with the management rights to APA Group. Once ASIC approval is granted, APA Group will assume full Responsible Entity rights on managing the Fund.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014 A 5.1 4.4 -61.5% 34.5 12.7 8.3% 76.7%
2013 A 8.0 11.5 35.7% 16.3 15.4 8.2% 57.0%
2012 A 5.9 8.5 -22.1% 21.4 16.2 8.9% 0.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
APA Group (APA) $9,962M 0.0320 0.0704 -0.0678 39.1076 36.5345 39.1933 3.89% 4.18% 4.59%
Ethane Pipeline (EPX) $123M -0.6145 0.0000 0.0000 40.0901 0.0000 0.0000 7.11% 0.00% 0.00%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.67 40.10 1.66 0.00
Market 1.03 14.70 1.03 0.65
Sector 0.89 24.50 1.27 3.84

Directors

Name Position Start Date
Mr Robert Wright Non-Executive Chairman 10/07/2008
Mr Richard Coles Non-Executive Director 10/07/2008
Ms Nancy Fox Non-Executive Director 23/06/2011

Management

Name Position
Mark Knapman Company Secretary

Substantial Shareholders

Holding Name
4,213,049 (6.08%) Australian Pipeline Limited

Calendar of Events

Date Event
15 February 2016 Report (Interim)
25 September 2015 Report (Annual)
24 August 2015 Report (Prelim)
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