Ethane Pipeline Income Fund (EPX)



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General Information
Company Name: Ethane Pipeline Income Fund
Stock Code: EPX
Website: www.ethanepipeline.com.au
GICS Sub-Industry: Gas Utilities
Market Cap ($M): 119
Equiv. Shares (M): 69

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.720 $ 1.750 $ 1.755 $ 1.700 $ 1.730 122,236 $ -0.010  -0.578 %

Company Overview

Business Description:
Ethane Pipeline Income Fund (EPX) is engaged in an investment in the Moomba to Sydney Ethane Gas Pipeline infrastructure in Australia through its wholly owned subsidiary, Gorodok Pty Limited. EPX comprises two stapled trusts which are Ethane Pipeline Income Trust and Ethane Pipeline Income Financing Trust. The responsible entity of the fund is APA Ethane Limited.

Strategy Analysis:
MIT's principal asset is Gorodok Pty Ltd which owns the Moomba to Sydney Ethane Gas Pipeline. Its source of revenue is from transporting ethane through the Pipeline under the PTA which continues until 2030. The revenue of the Pipeline business is generated pursuant to a Product Transportation Agreement (PTA) between the Pipeline Company and Qenos under which Qenos purchases Pipeline capacity for the transportation of ethane from the Moomba Facility to the Botany Plant. In 2008 Mariner Securities Limited (MSL) sold its remaining units together with the management rights to APA Group. Once ASIC approval is granted, APA Group will assume full Responsible Entity rights on managing the Fund.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 5.1 4.4 -61.5 34.5 12.7 8.3 73.8
2013  A 8.0 11.5 35.7 16.3 15.4 8.2 57.0
2012  A 5.9 8.5 -22.1 21.4 16.2 8.9 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
AGL Energy (AGL) $8,671 M -0.1422 -0.1198 0.1588 12.1877 13.8465 11.9492 4.89 5.05 5.28
APA Group (APA) $6,444 M 0.0320 -0.0779 0.2827 33.7270 36.5750 28.5133 4.47 4.85 5.38
Ethane Pipeline (EPX) $120 M -0.6145 -- -- 38.9640 -- -- 7.32 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
EPX 0.64 38.7 1.60 -- 5.36
Market 1.02 13.7 0.96 0.99 2.90
Sector 0.93 21.1 1.26 10.00 2.43

Directors
Name Position Start Date
Mr Robert Wright Non-Executive Chairman 10 July 2008
Mr Richard Coles Non-Executive Director 10 July 2008
Ms Nancy Fox Non-Executive Director 23 June 2011

Management
Name Position
Mark Knapman Company Secretary

Substantial Shareholders
Holding Name
4,213,049 (6.08%) Australian Pipeline Limited

Calendar of Events
Date Event
25 September 2015 Report (Annual)
24 August 2015 Report (Prelim)
10 February 2015 Report (Interim)
15 January 2015 Div Pay Date
31 December 2014 Books Close
29 December 2014 Div Ex Date
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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