Infigen: Result 2013

Management is doing all the right things and the underlying result was good, but we’re downgrading to Sell.

Infigen’s result would have been comforting if the performance of its wind farms and cash generation were all that mattered. Production increased 2% to 4,605 GWh and, with prices closer to our long-term expectations, revenue rose 7% to $286m. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 13% to $158m and, most importantly, operating cash flow rose 36% to $84m. Though not particularly important, the company reported a net loss of $22m and a statutory loss of $80m. Infigen isn’t currently paying dividends.

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