Ann: AGL FY18 interim results and affirmation of FY18 guidance, page-117

"AGL's sp has never been as low as $20.92 "

AGL's share price has certainly has been a lot lower than $20.92.

In fact, it has spent the vast majority of its listed life at price levels well below $20.92; it only got above that price level for the first time in late November, 2016, i.e., a mere 18 months ago. Refer graphic below:





I'm no apologist for AGL, but even after the pullback in the share price over the past 12 months, the company has generated satisfactory investment returns for long-term holders.

Total Compound Annual Investment Returns (Capital Appreciation + Dividends = Total):

5 Years: Capital (7.3%pa) +Dividends (4.5%) = Total Investment Returns of 11.8%pa
10 Years: 6.6% pa capital + 4.5% dividends = Total Investment Returns of ~11%pa
15 Years: 5.0% pa capital + 4.5% dividends = Total Investment Returns of ~9.5%pa
Since Listing (2000): Total Investment Returns of ~10%pa


Considering the amount of change that has occurred in the industry in which AGL operates, the capital-intensive nature of its business model, the tight regulatory framework and the elevated levels of competition in AGL's retailing business, I think those investment return outcomes are quite commendable.