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    AST   AU000000AST5

AUSNET SERVICES LTD

(AST)
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Australia shares post worst session in 7 months on weaker commodity prices

09/20/2021 | 03:16am EDT

* Miners settle lower for fourth straight session

* Property stocks slump on China Evergrande worries

* AusNet Services soars to record close on higher offer

Sept 20 (Reuters) - Australian shares fell more than 2% on Monday in their worst session in nearly seven months, as weak commodity prices hammered mining and energy stocks, while AusNet Services soared after receiving a sweetened buyout offer.

The S&P/ASX 200 index closed 2.1% lower at 7,248.2, marking its steepest drop since Feb. 26.

Commodity prices were weighed down by a stronger U.S. dollar, which rallied to a month high as looming catastrophe at indebted property giant China Evergrande added extra nerves to a cautious mood.

"A lot of the Evergrande debt issuance are in U.S. dollars and that's making a strong argument to hold the dollar right now," said Brad Smoling, managing director at Smoling Stockbroking.

Heavyweight miners fell more than 4% to lead the decline on the benchmark index, pressured by a slump in Chinese iron ore futures.

Global miner Rio Tinto Ltd extended losses into a fourth session, while rival BHP Group Ltd tumbled to a 10-month low.

Gold stocks tracked bullion prices lower and hit multi-month troughs, with Australia's biggest gold miner Newcrest Mining shedding 1.8%.

Energy stocks dropped 3% in their worst session in more than a month.

Property stocks also fell, with Lendlease Group and Goodman Group shedding 3.5% and 2.5%, respectively.

"Evergrande is one of the major property owners in Australia... They will be forced to liquidate large amounts of property to fulfil their debt obligations and that will really hurt property and property-related stocks," Smoling said.

Shares of AusNet Services soared to a record close as the company said it had opened its books to an affiliate of Canadian infrastructure investor Brookfield Asset Management after receiving a higher non-binding buyout proposal of A$9.57 billion ($6.95 billion).

New Zealand's benchmark S&P/NZX 50 index closed 0.4% lower at 13,178.58. (Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSNET SERVICES LTD -0.40% 2.48 End-of-day quote.41.31%
BHP GROUP -2.04% 38.39 End-of-day quote.-9.52%
CHINA EVERGRANDE GROUP -3.91% 2.95 End-of-day quote.-80.20%
GOODMAN GROUP 2.32% 21.64 End-of-day quote.14.44%
LENDLEASE GROUP 0.00% 10.79 End-of-day quote.-17.63%
NEWCREST MINING LIMITED 0.00% 24.62 End-of-day quote.-4.50%
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Financials
Sales 2022 1 923 M 1 441 M 1 441 M
Net income 2022 266 M 200 M 200 M
Net Debt 2022 8 316 M 6 232 M 6 232 M
P/E ratio 2022 36,0x
Yield 2022 3,91%
Capitalization 9 606 M 7 182 M 7 199 M
EV / Sales 2022 9,32x
EV / Sales 2023 9,33x
Nbr of Employees 1 500
Free-Float 75,8%
Chart AUSNET SERVICES LTD
Duration : Period :
AusNet Services Ltd Technical Analysis Chart | AST | AU000000AST5 | MarketScreener
Technical analysis trends AUSNET SERVICES LTD
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 2,48 AUD
Average target price 2,23 AUD
Spread / Average Target -10,3%
EPS Revisions
Managers and Directors
Tony Narvaez Managing Director & Executive Director
Mark Ellul Chief Financial Officer
Peter Mason Independent Chairman
Keith Hopkins Chief Digital Officer & Executive GM-Technology
Prue Crawford-Flett Executive General Manager-Network Operations
Sector and Competitors
1st jan.Capi. (M$)
AUSNET SERVICES LTD41.31%7 096
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IBERDROLA, S.A.-17.56%69 312
SOUTHERN COMPANY1.66%66 674