APA GROUP (APA)
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APA

APA - APA GROUP

FNArena Sector : Infrastructure & Utilities
Year End: June
GICS Industry Group : Utilities
Debt/EBITDA: 6.5
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

$11.19

15 Oct
2026

0.150

OPEN

$11.08

1.36%

HIGH

$11.30

4,763,043

LOW

$11.05

TARGET
$9.96 -11.0% downside
OTHER COMPANIES IN THE SAME SECTOR
AGL . AIA . ALX . CEN . CHI . DBI . DBI . GNE . GNP . LGI . MEZ . ORG . SRJ . TCL .
FNARENA'S MARKET CONSENSUS FORECASTS
APA: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 15.7 23.8 xxx
DPS (cps) xxx 58.0 59.2 xxx
EPS Growth xxx 100.0% 51.2% xxx
DPS Growth xxx 1.8% 2.1% xxx
PE Ratio xxx N/A 47.2 xxx
Dividend Yield xxx N/A 5.3% xxx
Div Pay Ratio(%) xxx 368.7% 248.9% xxx

Dividend yield today if purchased 3 years ago: 7.20%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.16

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: 29/06 - (franking ex-div 30.50c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic -3.319.522.377.37.615.7
DPS All 51.053.055.056.057.058.0
Sales/Revenue 2,563.5 M2,692.9 M2,834.0 M3,015.0 M3,144.0 M2,992.0 M
Book Value Per Share 251.7222.8161.9253.1204.5203.9
Net Operating Cash Flow 1,051.0 M1,197.3 M1,206.0 M1,156.0 M1,284.0 M1,252.0 M
Net Profit Margin -1.53 %8.56 %9.28 %32.44 %3.15 %6.92 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed -1.27 %8.24 %11.59 %37.92 %3.35 %7.71 %
Return on Invested Capital -0.29 %1.74 %1.96 %7.09 %0.64 %1.28 %
Return on Assets -0.25 %1.47 %1.61 %5.34 %0.49 %1.01 %
Return on Equity -1.27 %8.24 %11.59 %37.92 %3.35 %7.71 %
Return on Total Capital 6.76 %6.78 %6.45 %6.15 %6.07 %6.76 %
Free Cash Flow ex dividends 27.0 M79.2 M-484.0 M-479.0 M-178.0 M-25.0 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 202120222023202420252026
Short-Term Debt 17 M17 M218 M1,919 M17 M1,091 M
Long Term Debt 9,971 M10,945 M11,368 M11,073 M14,002 M13,062 M
Total Debt 9,987 M10,961 M11,586 M12,992 M14,019 M14,153 M
Goodwill - Gross 1,184 M1,184 M1,184 M1,882 M1,860 M1,860 M
Cash & Equivalents - Generic 663 M940 M513 M676 M800 M1,636 M
Price To Book Value 3.545.065.993.163.994.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex 432.9 M689.0 M1,180.0 M1,096.0 M964.0 M845.0 M
Capex % of Sales 16.89 %25.59 %41.64 %36.35 %30.66 %28.24 %
Cost of Goods Sold 1,635 M1,782 M1,887 M2,115 M2,144 M1,858 M
Selling, General & Admin. Exp & Other 9 M12 M74 M-15 M0 M0 M
Research & Development ------
Investments - Total 459 M628 M703 M482 M981 M585 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
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Sentiment Indicator

0.0

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

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xx/xx/xxxx

5

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xx/xx/xxxx

1

xxx

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xx.xx%

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xx/xx/xxxx

4

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Macquarie

21/08/2026

1

Outperform

$10.50

-6.17%

APA Group's FY26 underlying earnings were in line with consensus and in the upper half of guidance. FY27 guidance is consistent with Macquarie's forecast and balance sheet capacity is material to fund growth projects.

The opportunity set for growth continues to broaden, with APA expanding its three-year growth capex spend by $0.5bn to $3.5bn, with much of the spend in FY27 and FY28.

APA's enterprise to earnings multiple of 11.5x is attractive compared to the historical range of 11.2-14.2x, Macquarie notes. Federal government policy is favouring gas again, creating the opportunity for sustained growth, with improving balance sheet capacity.

Target rises to $10.50 from $10.41, Outperform retained.

FORECAST
Macquarie forecasts a full year FY27 dividend of 59.00 cents and EPS of 21.60 cents.
Macquarie forecasts a full year FY28 dividend of 60.00 cents and EPS of 22.30 cents.

Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxxx xxxxxxxx xxxx xxxxx-xxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
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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

24/08/2026

3

Neutral

$10.25

-8.40%

APA Group delivered a FY26 result that was in line with expectations, supported by cost-out achievements that reached $80m in savings against an original target of $50m.

Underlying EBITDA of $2,183m sat towards the upper end of guidance, while underlying NPAT rose to $247m. Management released FY27 guidance targeting underlying EBITDA of $2,260-$2,340m and a dividend per share of 59.0c.

The three-year organic growth pipeline was increased from $3.0bn to $3.5bn, driven by key developments such as the Brigalow gas peaker and a newly announced $259m investment in a solar farm and BESS project.

Jarden maintains a Neutral rating with a $10.25 target price, noting that valuation is balanced alongside an accelerating growth capital expenditure profile.

FORECAST
Jarden forecasts a full year FY27 dividend of 59.00 cents and EPS of 18.70 cents.
Jarden forecasts a full year FY28 dividend of 60.00 cents and EPS of 18.70 cents.
Access Extra Coverage Research History >

APA STOCK CHART

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