AGL Energy Ltd

AGL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$78.00	Sfkfr	Fvpbx

AGL Energy: Lifting Guidance on Strong Power Station Performances

Adrian Atkins

May 8, 2024

AGL Energy increased fiscal 2024 underlying net profit after tax guidance to AUD 760 million-AUD 810 million, up 8% at the midpoint from previous guidance. We upgrade our NPAT forecast to the midpoint of guidance and also increase earnings in 2025 and 2026 to reflect recent improvements in electricity forward prices. Our longer-term forecasts are essentially unchanged, and we maintain our AUD 11.50 per share fair value estimate. The no-moat firm screens as slightly undervalued at current prices.

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