2336 GMT - APA Group's dividend looks compelling to Barrenjoey after the Australian pipeline owner appeared to ease concerns about raising equity. Analyst Dale Koenders notes that APA expects more than A$500 million of spare balance sheet capacity by end-FY 2027, after delivering A$1.8 billion of growth capex and sustaining dividends. "Given recent underperformance, we forecast APA trading on an 8.0-8.5% dividend yield in FY 2025-2030," Barrenjoey says. "Much of this recent under-performance has been caused, in our view, by fears of equity raising, which we think APA has put to bed." It thinks APA will have capacity to accelerate growth in its dividend yield to 5% from FY 2027, which would meaningfully increase the value of this dividend stream. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 24, 2025 18:36 ET (23:36 GMT)
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