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APA Group Releases Interim Results

Tim Montague-Jones

Tim Montague-Jones has over 20 year investment management experience working in the financial markets. Previous experience includes a ten year stint at Morningstar as a Senior Equity Analyst/Portfolio Manager, founding the Morningstar Growth Portfolio and a founding member of their Investment Committee. Tim was also a Senior Equity Analyst for Macquarie Group and a member of the winning team to obtain the 2016 LONSEC Fund Manager of the Year award.

APA Group (ASX: APA) has released its interim results shortly before market open today. APA Group is an Australian company which owns and operates natural gas and electricity assets. It is currently Australia’s largest natural gas infrastructure business.



Australia’s largest natural gas infrastructure business, APA Group (ASX: APA) has released its interim results shortly before market open today. The company’s EBITDA and dividend distribution results remained in line with consensus expectations. (Credit: APA Group).


The business has reported EBITDA of $842.2m and dividend distributions of 23 cents per share. These results are in line with consensus expectations. APA has also maintained its FY20 EBITDA guidance range of $1660m-$1690m. Given a low interest rate environment, APA has also refinanced approximately $389m of higher cost debt – reducing borrowing costs. There were commissioning delays at the Orbost processing facility, further extended due to bushfire threat and air quality issues. The business still has approximately $1.4b of undrawn debt facilities, which is sufficient to meet capital expenditure needs. 

These numbers only reinforce the stability of APA as a stable business and its clear earnings visibility – generally with less surprises. Given this half’s results, the company is on track to pay a 50 cent per share dividend for the full year with franking credits attached as well – directly in line with consensus and expectations. APA pays a 4.4% dividend yield at current prices.

As would be expected with a company who reports in line with consensus expectations, the share price hasn’t moved and remains at around $11.38 per share, the same price as at close of market yesterday.



This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)

(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).

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ASR has no position in any of the stocks mentioned.

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