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Highlights

  • APA Group is an energy infrastructure business with focus on wind, solar and electricity assets
  • In 1HFY24, APA’s revenue jumped 8.17% YoY to AUD 1,271 million
  • UniSuper Limited has the highest stake in the company with a shareholding of ~9.17%

APA Group Limited (ASX: APA) is an ASX-listed energy infrastructure business which operates a portfolio of wind, electricity and solar assets. The company caters toalmost half of the country’s gas usage. Further, the company owns and operates renewable power generation assets in Australia.

In the first half of the financial year 2024 (1HFY24), the company witnessed 8.17% YoY rise in segment revenue to AUD 1,271 million and 5.80% YoY increase in underlying EBITDA to AUD 930 million, backed by recent acquisitions and inflation-linked tariff hikes.

During the reported period, free cash flow increased by 12.81% YoY to AUD 546 million and statutory net profit after tax stood at AUD 1,049 million.

Top 10 shareholders of APA

The top 10 shareholders of APA have around 29.28% shareholding in the company, while the top four have 20.65% shareholding. UniSuper Limited and The Vanguard Group, Inc., have the highest stake in the company with a shareholding of ~9.17% and ~4.63%, respectively.

Recent business update

On 17 May 2024, the company notified that it has received buy back acceptances from holders of 63% of its GBP 350 million guaranteed notes due November 2024. The tender allows the company to buy back around 344 million of the notes. The outstanding AUD 192 million notes will be redeemed on 26 November 2024.

Outlook

In FY24, the company expects to deliver underlying EBITDA in the range of AUD 1,870 million to AUD 1,910 million, on the back of the acquisition of Pilbara Energy. Distribution of 56 cents per security is expected in FY24, a rise of 1.8% over FY23 dividend.

Share performance of APA

APA shares closed 0.955 higher at AUD 8.470 apiece on 5 June 2024. In the past one year, APA’s share price has declined by almost 16.47%, while in the last three months, it has recorded a rise of 6.68%.

APA’s 52-week high price is AUD 10.290, recorded on 13 June 2023, while 52-week low is AUD 7.780 apiece, recorded on 5 March 2024.

APA Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 05 June 2024. The reference data in this report has been partly sourced from EODHD/Others.