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AGL Energy Limited (AGK) |
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| Company Name: |
AGL Energy |
| Stock Code: |
AGK |
| Website: |
www.agl.com.au |
| Market Cap ($M): |
6,446 |
| Equiv. Shares (M): |
443 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 14.540 |
$ 14.550 |
$ 14.720 |
$ 14.280 |
$ 14.370
|
1,445,169 |
$ 0.170 1.183 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
7th Jan 2009 |
| 12 Month Target Price (average) : |
$15.756 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
0.8100 |
| % of Sector: |
38.3770 |
| Sector: |
Utilities |
| Industry Group: |
Utilities |
| Industry: |
Multi-Utilities |
|
|
|
|
|
| Company Overview |
| AGK's focus as a diversified upstream energy and downstream retail company is sound. The company is one of Australia's largest integrated energy players boasting a national spread and an increasing focus on renewables. |
| Company History |
| The company was formed in 1837 and listed when the ASX opened in 1871. In the 1990s, AGL purchased electricity networks in Victoria, pipelines in WA and utilities in New Zealand. AGL acquired customers in South Australia, Victoria and New Zealand. In 2000, the group spun-off its transmission pipelines into APA. The NZ business was sold in 2004. AGL and Alinta then merged their respective infrastructure businesses in October 2006, with AGK emerging as a new separately listed entity. |
| Differentiating Factor |
| AGK's focus as a diversified upstream energy and downstream retail company is sound. The company is one of Australia's largest integrated energy players boasting a national spread and an increasing focus on renewables. |
| Major Customers & Competitors |
| The group’s major customers include domestic gas and electricity. With gas and electricity deregulation AGK faces increasing competition from both private and state-owned energy retailers. These include Origin Energy, TXU, Energy Australia and Energex. |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2006A |
457 |
545 |
119.3 |
59.7 |
12.2 |
0.9 |
0.8 |
17.0 |
1.2 |
100 |
15.4 |
| 2007A |
411 |
411 |
104.9 |
-12.1 |
13.9 |
1.2 |
0.8 |
35.5 |
2.4 |
100 |
15.5 |
| 2008A |
229 |
351 |
80.6 |
-23.2 |
18.0 |
1.6 |
0.9 |
53.0 |
3.6 |
100 |
6.3 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| AGL Energy |
AGK |
$14.37 |
$6,420M |
17.8335 |
15.9745 |
-23.1512 |
11.6377 |
3.6882 |
4.0710 |
| SP AusNet |
SPN |
$0.91 |
$1,919M |
11.2787 |
11.1371 |
0.2945 |
1.2718 |
12.7143 |
13.0330 |
| APA Group |
APA |
$3.00 |
$1,465M |
18.9057 |
18.2250 |
-3.4300 |
3.7347 |
9.8333 |
10.1300 |
| Spark Infrastructure |
SKI |
$1.22 |
$1,231M |
7.1270 |
6.7153 |
-10.9751 |
6.1308 |
15.1721 |
15.5574 |
| DUET |
DUE |
$1.82 |
$1,149M |
18.3032 |
8.5790 |
174.5702 |
113.3482 |
14.8760 |
15.7025 |
|
| AGK |
1.9149 |
2.6429 |
7.4794 |
| Sector |
-13.1246 |
-20.5044 |
-35.4031 |
| Market |
-19.7627 |
-27.5434 |
-40.8814 |
|
| P/E (x) |
FY07 |
13.9 |
17.2 |
11.9 |
|
FY08 |
18.0 |
21.1 |
11.3 |
| Yield (%) |
FY07 |
2.4 |
11.0 |
5.9 |
|
FY08 |
3.6 |
11.3 |
6.1 |
| EV/EBIT (x) |
FY07 |
11.6 |
16.8 |
7.9 |
|
FY08 |
11.7 |
13.8 |
7.3 |
| EV/EBITDA (x) |
FY07 |
9.3 |
12.1 |
6.7 |
|
FY08 |
10.2 |
9.7 |
6.1 |
|
| M Johnson |
Chairman |
| Sir R A Brierley |
Director |
| C Hewson |
Director |
| G Reaney |
Director |
| M Ould |
Director |
| G Martin |
Managing Director |
| T Daniels |
Non-Executive Director |
| J Maycock |
Director |
| B Phillips |
Non-Executive Director |
| M Fraser |
Director |
| L Hosking |
Non-Executive Director |
|
| M Fraser |
CEO /Managing Director |
| G Martin |
Managing Director |
| J McAloon |
Investor Relations |
| G Hayes |
CFO |
| G Bennett |
GM People and Culture |
| L Fisk |
GM Corporate Services and Co. Secretary |
|
| n/a |
19.9390 |
| Maple Brown Abbott |
5.0700 |
| Baracus |
5.0100 |
|
| 15-Oct-2008 |
AGM Date for Final Year Result |
| 26-Sep-2008 |
Dividend Date Payable for Final Year Result
(27c 100% franked)
|
| 04-Sep-2008 |
Dividend Record Date for Final Year Result
(27c 100% franked)
|
| 29-Aug-2008 |
Dividend Ex-Dividend Date for Final Year Result
(27c 100% franked)
|
| 20-Aug-2008 |
Reporting Date for Final Year Result |
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
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