APA GROUP (APA)
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APA

APA - APA GROUP

FNArena Sector : Infrastructure & Utilities
Year End: June
GICS Industry Group : Utilities
Debt/EBITDA: 7.08
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

APA Group owns and operates natural gas and electricity assets, while increasingly adding renewables. It is Australia's largest natural gas infrastructure business and one of few true local dividend champions. It listed in 2000.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.47

19 Aug
2025

-0.110

OPEN

$8.57

-1.28%

HIGH

$8.59

2,216,126

LOW

$8.41

TARGET
$8.078 -4.6% downside
OTHER COMPANIES IN THE SAME SECTOR
AGL . AIA . ALX . CEN . DBI . DBI . GNE . GNP . MEZ . ORG . SRJ . TCL .
FNARENA'S MARKET CONSENSUS FORECASTS
APA: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 77.3 16.4 xxx
DPS (cps) xxx 56.0 57.0 xxx
EPS Growth xxx 100.0% - 78.9% xxx
DPS Growth xxx 1.8% 1.8% xxx
PE Ratio xxx N/A 53.6 xxx
Dividend Yield xxx N/A 6.5% xxx
Div Pay Ratio(%) xxx 72.4% 348.6% xxx

Dividend yield today if purchased 3 years ago: 4.79%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.39

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx77.3
DPS All xxxxxxxxxxxxxxx56.0
Sales/Revenue xxxxxxxxxxxxxxx3,015.0 M
Book Value Per Share xxxxxxxxxxxxxxx253.1
Net Operating Cash Flow xxxxxxxxxxxxxxx1,156.0 M
Net Profit Margin xxxxxxxxxxxxxxx32.44 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx37.92 %
Return on Invested Capital xxxxxxxxxxxxxxx7.09 %
Return on Assets xxxxxxxxxxxxxxx5.34 %
Return on Equity xxxxxxxxxxxxxxx37.92 %
Return on Total Capital xxxxxxxxxxxxxxx6.15 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-479.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx1,919 M
Long Term Debt xxxxxxxxxxxxxxx11,073 M
Total Debt xxxxxxxxxxxxxxx12,992 M
Goodwill - Gross xxxxxxxxxxxxxxx1,882 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx676 M
Price To Book Value xxxxxxxxxxxxxxx3.16

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1,096.0 M
Capex % of Sales xxxxxxxxxxxxxxx36.35 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,115 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx-15 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx482 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

21/07/2025

3

Equal-weight

$8.55

0.94%

Reviewing FY25 results for APA Group due on August 20, Morgan Stanley notes FY25 underlying earnings guidance of $1,960–2,020m is in line with the broker's expectations.

Earnings are being supported by stronger second-half power generation, notes the broker, and compare with the analysts' estimate of $2,014m and consensus at $2,009m.

The broker expects initial FY26 guidance to modestly exceed market expectations, forecasting $2,190m versus consensus at $2,161m.

Morgan Stanley's preferred stocks under coverage in the Utilities sector are Cleanaway on defensive positioning with growth, and
AGL Energy on leverage to data centre power demand.

Equal-weight. Target $8.55. The industry view remains In-Line.

FORECAST
Morgan Stanley forecasts a full year FY25 dividend of 57.00 cents and EPS of 19.10 cents.
Morgan Stanley forecasts a full year FY26 dividend of 58.00 cents and EPS of 23.80 cents.

Morgans

xx/xx/xxxx

4

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

30/06/2025

2

Overweight

$8.90

5.08%

Jarden notes the Australian Energy Regulator (AER) has reversed its draft stance and approved APA Group’s application to reclassify Basslink as a regulated Transmission Network Service Provider.

While the asset is small (2.5% of FY25 earnings), the broker sees this as a positive outcome, removing competitive risk from the proposed Marinus Link and enabling more predictable long-term earnings.

The analyst raises the group's target price to $8.90 from $8.85, incorporating the $110m Atlas to Reedy Creek (ARC) pipeline acquisition, debt financing impacts, and revised interest cost assumptions.

The broker retains an Overweight rating, citing favourable positioning amid evolving east coast gas dynamics and expectations for lower interest rates.

A draft revenue determination for Basslink is due in September, with the final decision expected in February 2026. 

FORECAST
Jarden forecasts a full year FY25 dividend of 57.00 cents and EPS of 14.30 cents.
Jarden forecasts a full year FY26 dividend of 58.00 cents and EPS of 19.00 cents.
Access Extra Coverage Research History >

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