Spark Infrastructure Share Price Increases After Release Of Investor Road Show Presentation

SKI

Spark Infrastructure Group (ASX: SKI) released its Investor road show presentation on 28 September 2018, following which the company’s share price increased by 2.75%.  The company announced that despite the continued uncertainty of energy policies the Performance fundamentals and outlook for a new energy future remain solid for the company. The networks of the company are leaders in efficiency, safety and reliability and are well placed to benefit from industry structural change to new energy future. For FY 2018, the company forecasted DPS growth of 4.9 percent to 16.0 cps. The company established New structure known as TransGrid Services in June 2018 to facilitate the efficient funding of unregulated new connections investment.

Australian Energy Market Operator’s (AEMO) Integrated System Plan (ISP) indicates that total system savings of $1.2 billion to $2.0 billion are achievable with its integrated approach and new transmission investments and the increase investment in transmission and interconnection is expected to deliver the lowest-cost, most reliable power system which support emissions abatement. In Victoria and South Australia, company’s distribution charges are approximately 25% of a typical household bill. It is expected that the company will become a tax payer in short term and the timing and amount of tax payable will be dependent on number of factors like underlying financial performance, tax timing differences and outcome of existing disputes with the Australian taxation Office.  

In HY2018, the company delivered 6.9% operating cash flow growth to $130 million. The HY2018 Distribution increased by 4.9% to 8.0 cps. The regulated asset base of the company increased by 1.5% to $5.9 billion and contracted asset base increased by 12.7% to $400 million. The transition to a new energy future is creating investment opportunities in both the regulated and unregulated areas in the business.  The total revenue of the company grew by 5.7% from $533.3 million in HY 2017 to $563.5 million in HY 2018. The operating cost of the company decreased from $150.6 million in HY 2017 to $150 million in HY 2018.  The EBITDA increased by 7.6% from $390.5 million in HY 2017 to $420.2 million in HY 2018. The net external Finance costs were changed from $85 million in FY2017 to $82.9 million in FY2018. The total investment portfolio distribution increased by 4.3% from $132.3 million in HY 2017to $138 million in HY 2018.

SKI’s share traded at $2.24 with market capitalization of $3.67 billion as on 28 September 2018 (AEST 4:50 PM).

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