Bell Potter

Consolidated NPAT excluding sig. items up 153.5% to $195.2m as compared to our forecast of $202m | Operating company EBITDA: DBP down 3% to $304.9m, EBITDA margin 79.8%; DBP development group $32.3m, EBITDA margin 88.4%; United Energy up 6.1% to $382m, EBITDA margin 71.4%; Multinet Gas up 7.4% to $131.2m EBITDA margin 1.6%; Energy Developments up 6.7% to $232.8, EBITDA margin 52.6% (Investor presentation focusing on the diverse growth options for the business across US landfill, Australian renewables, remote energy and off grid electricity infrastructure. Delivering and de-risking EDL is likely to be the catalyst for share price outperformance) | Earnings coverage of distribution 117%.


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