APA Group

APA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.70	Wdsbcr	Lfnv

APA's Earnings Are Unlikely To Grow in Fiscal 2021 Despite Ongoing Investment in New Assets

Adrian Atkins

Feb 23, 2021

Business Strategy and Outlook

APA Group is Australia's premier gas infrastructure company. Limited regulation, scale, and a superior skills base help it capitalise on gas demand growth and generate competitive advantages that warrant a narrow economic moat. However, gas market reform will weaken its competitive advantages. Fair value uncertainty is medium, as secure revenue is balanced by high gearing and limited transparency over customer contracts.

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