APA Group

APA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.40	Kfvmss	Kknzx

Accretive Expansion Opportunities Underpin a Good Outlook for APA Group

Adrian Atkins

Feb 22, 2024

Business Strategy and Outlook

APA Group is Australia's premier gas infrastructure company. Limited regulation, scale, and a superior skills base help it capitalize 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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