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Business Description: DUET Group (DUE) is an owner of regulated energy utility infrastructure business in Australia. DUE is internally managed and consists of six stapled entities DUET1, DUET2, DUET3, DIHL, DMC1 and DMC2. The core assets of DUE’s investment portfolio include Dampier Bunbury Pipeline, Dampier Bunbury Pipeline Services Co, United Energy and Multinet Gas.
Strategy Analysis: DUE focuses on regulated and contracted utilities with stable and predictable revenue streams. The portfolio is diversified across energy sources and utility sectors within Australia. Historically, DUE looked to expand via acquisitions in OECD countries but no acquisitions are expected in the foreseeable future given more expensive debt post GFC and a poor track record. Current focus is on delivering organic growth commitments including smart electricity meters in Victoria. An equity raising and asset transactions mid 2011 reduced risk and simplified the portfolio to three majority stakes. Management is cleaning DUE up, making it more transparent and ensuring gearing and distributions are sustainable.
DUET Group reported a net loss of $46.6m for the half-year ended 31 December 2012. Revenues from ordinary activities were $641.1m, up 6.7rom the same period last year. Basic and Diluted EPS was (1.28) cents compared to 8.52 cents last year. Net operating cash flow was $307.81m compared to $371.28m last year. The interim dividend declared was 8.250 cents compared with 8.000 cents last year.
The Age 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
The Age 20/05/2013 |
Tiger Australia has continued to narrow its losses due to stronger returns from fares and is operating without restrictions from air-safety authorities.
The Age 20/05/2013 |
When it comes to forecasting the economy - and thereby the budget balance - the econocrats of the Reserve Bank and Treasury are on a hiding to nothing.
The Age 20/05/2013 |
Markets ought to be about competition. To quote historian Niall Ferguson, they should ensure the survival of the fittest, not the fattest.
The Age 20/05/2013 |
Investment bank Morgan Stanley Smith Barney is being sued after losing more than $5 million from the super accounts of two private clients with a series of "aggressive, highly speculative and high-risk" trades using derivatives and share options.
Sydney Morning Herald 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
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